The unemployment rate in Spain increased slightly in the third quarter of the year to stand at 12.67 percent of the active population, compared to 12.48 percent at the end of June, according to official figures published this Thursday, which however showed an increase in indefinite contracts .
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In total, 2.98 million people were registered as job seekers at the end of September in the fourth largest economy in the euro zone, which is 60,800 more than at the end of June, according to the National Institute of Statistics (INE).
This progression is explained by a rise in the unemployed in the services sector (+85,700), agriculture (+14,400) and industry (+6,400). Job seekers decreased, however, in the construction sector (-14,900).
The deterioration was particularly marked for those under 25 years of age (71,500 more unemployed) and women (+79,300). The situation improved, on the other hand, for men (-18,500) and those over 55 years of age (-52,800).
In annual terms, the unemployment rate continues in a positive trend, with a decrease of 1.90 points. The number of unemployed, historically high in
Spain had managed to drop below three million in the second quarter, for the first time since 2008.
This dynamic was then attributed to the resumption of tourist activity and the entry into force in January of a labor market reform that encouraged hiring for an indefinite period.
In the third quarter, the number of wage earners with these contracts increased by 444,200, while temporary workers decreased by 344,900.
Spain was one of the western economies most affected by the economic impact of the covid-19 pandemic, especially due to its heavy dependence on tourism.
In 2020, nearly half a million people lost their jobs. Since then, the number of unemployed has managed to return to a lower level than before the pandemic, although the unemployment rate in Spain remains one of the highest in the European Union, where the average was 6% at the end of August. , according to Eurostat.
In recent months, many companies even regret having difficulties finding workers, especially in sectors such as hotels, restaurants, agriculture or construction.
To try to alleviate the situation, the government adopted a reform at the end of July that facilitates access to work visas and the regularization of undocumented migrants to counteract the lack of labor in the professions with the greatest demand for personnel.
According to the executive, the unemployment rate should fall slightly in the coming quarters, reaching 12.2% of the active population at the end of 2023, despite the economic slowdown caused by rising inflation.
The Bank of Spainhowever, disputes this hypothesis and forecasts a slow rise to 12.9% at the end of 2023, as do the economists at ING bank, who anticipate a peak of 14.3% in the third quarter of 2023, due to the “deteriorating economic outlook”.
“Business confidence has deteriorated sharply in recent months, which will encourage companies to be more cautious in new hires,” analyzes the bank in a note published on Thursday, in which it highlights the marked decrease in intentions hiring for the last quarter of 2022.
AFP
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