2023-11-03 11:37:02
Employment continues to resist but is already showing signs of slowdown in this final stretch of the year. For another month, Social Security once again added members in October despite an economic environment of strong uncertainty, with not one but two wars, inflation that continues to moderate and rates that rise and suffocate the economy of many households and companies. But it does so hand in hand with education and, this time, it has not managed to challenge tradition and, despite creating almost 93,000 jobs, unemployment is growing by nearly 37,000 people, contrary to what happened unexpectedly in the last two years, according to data published this Friday by the Ministry of Labor and Social Security.
October is usually a month in which jobs are created and this has happened this year, although in a much less intense way than the previous eight years. Specifically, 92,862 jobs were added on average, the worst figure since 2015, but the system once again exceeds the barrier of 20.8 million contributors that it surpassed for the first time last May and lost at the end of August.
The pace of job creation thus slows down slightly and stands at an interannual rate of 2.6%, only one tenth less than in September and four tenths less than last year and well above the increase in GDP. In the last year, more than 533,000 jobs have been generated, a not insignificant figure but lower than the almost 600,000 a year ago or the 700,000 in 2021.
55,000 more teachers
Education has been the true architect of this new boost in the labor market as a result of the start of the school year. What’s more, thanks to the strong acceleration of this sector, which has more than 195,000 workers, it has been possible to compensate for the destruction that has been recorded in others. In just two months, more than 284,000 jobs have been generated in this activity. The strange thing is that this strong creation is much higher than the teachers fired in the summer, almost 230,000. That is to say, the course began with 55,000 more teachers than it ended, without really knowing why.
What is evident is that this sector suffers from a high seasonality: it destroys employment during vacations to hire again in the fall.
The labor reform, which has suddenly reduced the temporary employment rate in the private sector significantly to 13%, is not having an impact on the public sector, where three out of ten employees are temporary.
On the contrary, public employees have been lost in healthcare (almost 31,000 less) and in Public Administration, with more than 36,000 casualties. However, the hospitality industry is leading the way in job destruction, more than 50,000, due to the end of the summer season, which this year was longer than usual.
Permanent workers, at maximum
On the other side of the coin, once again the boost in employment is not enough and the number of unemployed people registered in the offices of the State Public Employment Service (SEPE) rose, for the third consecutive month, by 36,936 people, with that the total number of unemployed climbs to 2,759,404 people, 155,488 less than a year ago and the lowest figure this month since 2007.
The total number of contracts registered during the month of October was close to 1.4 million, of which more than 608,700 were of an indefinite nature, which represents 43.59% of all contracts.
The Ministry of Social Security highlighted that the percentage of members with an indefinite contract stood at 87% in October, its historical maximum, growing 17 points since the labor reform.
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