Business · Economy · 7 hrs ago

Spain adds jobs rapidly, but unemployment falls by just 21,000

Spain adds jobs rapidly, but unemployment falls by just 21,000

Spain is creating jobs quickly, but unemployment is falling slowly.

In the past year, the country gained nearly 785,000 social security contributors while registered unemployment fell by just over 21,000, or about one fewer jobseeker for every 37 new contributors.

Foreign workers filled 76% of the jobs added, with just over 598,000 new registrations.

An extraordinary regularisation approved in April had led to nearly 490,600 people registering with social security by the end of October.

Some newly regularised people are still looking for work, and more people joining the workforce can raise unemployment figures even as employment grows.

Registered unemployment among foreign nationals rose by more than 92,000 in the year, while unemployment among Spanish nationals continued to fall; an economist also cautioned that weaker economic momentum could be another factor.

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What people are saying

María Jesús FernándezSenior economist at Funcas
not all regularized foreigners find (or already have) a job and many register at employment offices after regularizing
via El Mundo
Miguel CardosoChief economist for Spain and Portugal at BBVA Research
it is normal for there to be a period of job searching before accessing a job
via El Mundo
in any case, other less favourable explanations associated with a weaker cyclical impulse cannot be ruled out
via El Mundo