The labor market fulfilled the script planned for Octoberalthough with a more intense increase in employment and a more moderate decrease in unemployment than in the same period of 2023. Specifically, Social Security added 134,306 average affiliates, the highest in the tenth month of the year in the historical series (discounting the pandemic), and reached 20.33 million, driven above all by the education sector. For its part, unemployment increased by 26,769 people, to 2.6 million, the lowest since 2007. However, the figures compared to a year ago reveal that employment continues to slow down, with the lowest year-on-year increase since 2021.
The data released this Tuesday by the Ministries of Labor and Inclusion and Social Security contain few surprises regarding the foreseeable. They have not yet included the labor impact of DANA, especially in Valencia, where thousands of companies, employees and the self-employed have had to interrupt their activity due to the tragedy.
The monthly growth in membership is the most intense in the historical series (which begins in 2008, coinciding with the outbreak of the financial crisis), driven by education employeeswhich rose by 15.4%, followed by those in the Artistic, Recreational and Entertainment Activities sector, which grew by 5.4%. At the opposite extreme, Household Activities lost members (-3.06%). , Hospitality (-3%) and Water Supply and Sanitation (-2.9%).
Inclusion highlights that in year-on-year terms, most of the sectors of the General Regime gain members, led again by Education, with 69,912 more members (+5.9%), due in part to the effect of the change in framework a few months ago of members who previously worked in Public Administrations.
Although we must also remember the high weight of discontinuous permanent employees in the activities of academies, driving schools or sports centers, who do not count as teachers in schools and regulated educational centers but in recent years they contribute to increasing the role of these permanent employees in the rotation. seasonality of the sector.
Members also increased, especially in Health Activities and Social Services (64,068), Hospitality (63,293) and Commerce (52,372).
For their part, the self-employed earn 40,146 members, 1.45% and are at their historical maximum if those in the agricultural sector are discounted, which represent 4.85% of the total number of self-employed workers, but they have collapsed 3.13%.
Thus, membership registered an annual increase of 2.47%, 514,856 more members. However, this is the weakest growth in October since the pandemic, confirming that the labor market is losing dynamism from the ‘rebound effect’ after the financial crisis.
Unemployment breaks the 2007 threshold
Registered unemployment, for its part, registers a more moderate increase than in other Octobers and marks its lowest since 2007. A significant improvement if we take into account that until now the reference was 2008, a year affected by the ‘burst’ of the bubble real estate and the bankruptcy of Lehman Brothers. In year-on-year terms, unemployment has decreased by 157,350 people, 5.7%, accelerating the year-on-year decline.
By economic sectors compared to September, registered unemployment decreases in the Construction sector by 1,676 people (-0.85%) and increases in all others.
It also increases in the 17 autonomous communities, with the largest increases recorded in Andalusia (7,723), Castilla-La Mancha (3,859) and Catalonia (2,909). In this case, the effects of DANA are not perceived for now either.
#Employment #accelerates #October #education #unemployment #marks #lowest
