2023-09-04 09:13:02
End of party for the Spanish labor market, which has not finally been able to reach the milestone of 21 million affiliates that the Government had set. The summer holidays have come to an end and, with them, employment has begun to deflate. After a few months of real record in Social Security affiliation, July, usually a good time for the labor market, already showed symptoms of a sudden stop with job creation much lower than in previous years and August has not achieved breaking with tradition and closing with more unemployed and fewer workers, according to data published this Monday by the Ministries of Labor and Social Security.
Specifically, in the eighth month of the year, an average of 185,385 jobs have been destroyed, a figure very similar to that of 2022 (189,963) but higher than that of 2021. This does not imply that there is reason to be alarmed at this job cut, since it is the usual for a month of August due to the end of the summer season, since the Spanish economy is fully dependent on tourism, which is evidenced by the fact that only once has it been possible to create jobs in August, the year of the pandemic, for the heavy destruction that occurred. What’s more, the year-on-year rate of job creation picked up slightly compared to July and two tenths more than in June, reaching 2.76%, a more than reasonable rate. And discounting seasonality and the calendar effect, Social Security added 17,745 more affiliates.
The total number of average affiliates in the system stands at 20.7 million and is far from the objective of exceeding 21 million, a milestone that will no longer be likely to be achieved this year, since the good period for employment has already reached its end. It will be in these coming months, a time when the labor market usually suffers, when it will really be confirmed whether the labor market continues to maintain the unusual strength that it has shown up to now.
On the other side of the labor market, another August has added 24,826 registered unemployed, but it should be noted that this is an increase well below that of the previous year (+40,428) and well below the average of the historical series. For 25 years, unemployment has increased in August due to the seasonal cycles of the production model, with the only exceptions being the year of the pandemic, 2013 (the year of recovery after the prolonged economic crisis of 2008) and 2000 (the year of regularization of immigrants. In fact, in seasonally adjusted terms, registered unemployment fell by 23,373 people.
After five consecutive months of cuts, the total number of unemployed once again rises above the barrier of 2.7 million, although it is the lowest figure this month since 2008, according to the ministry led by Yolanda Díaz.
On the other hand, the number of workers in ERTE remains at minimum levels, around 11,000, which represents less than 0.1% of the total number of affiliates.
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