Spain | Job creation slowed down in May

Summary

Social security registrations increased by 211,800 people in May (2.8% YoY), less than expected, and unemployment fell by 84,100 (-5.3% YoY). Excluding seasonal factors, the number of people in employment grew by 31,000 people, driven by positive developments in the services sector, while unemployment fell by 10,000

Key points

• Key points:
• Social Security registration advanced less than expected in May
• The service sector was responsible for job creation
• Recruitment continued to rise
• The favorable seasonality also explained much of the fall in unemployment last month that was generalized by sector

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