Spain | The pace of job creation maintained its momentum in the second quarter

Summary

Social security registrations increased by 75,600 people in June (2.7% YoY), in line with expectations, and unemployment fell by 63,800 (-4.6% YoY), less than expected. Excluding seasonal factors, the number of people in employment grew by 34,000 people and unemployment rose for the first time since July 2014 (4,000)

Key points

• Key points:
• Social Security registration increased in June, benefiting from the upturn in non-professional caregivers
• Services and construction sector on the rise. Primary sector and industry on the decline
• Both indefinite and temporary hiring fell
• The 2Q19 closed with an increase in employment of 0.6% t/t and a decrease in unemployment of -0.8% t/t
• The recovery of the labor market continued in 2Q19, but lost some traction

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