Spain | Atony in the labor market in August, in line with expectations

Summary

Social security registrations fell by 213,000 people in August and grew by 2.5% YoY (2.6% YoY in July). Unemployment increased by 54,400 (-3.7% YoY). Excluding seasonal factors, the evolution of the labor market remains weak. Employment grew by 20,000 people, driven by services, and unemployment barely changed (-4,000)

Key points

• Key points:
• Social Security registration remained weak in August
• All productive sectors contributed to gross job destruction, in line with expectations
• Hiring fell and unemployment rose due to seasonal causes
• Construction and services on the rise. Primary sector, industry and without previous employment, downwards

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