Labour Force Survey

The labour market regained some of the momentum lost during the year. Despite the negative seasonality, EPA employment increased by 92,600 people (2.1% y/y) and the unemployment rate fell 0.1pp to 13.8%. On average, 451,600 jobs were created during the year (2.3% y/y) and the unemployment rate fell by 1.2pp to 14.1%

Despite the positive seasonality, employment increased by only 69,400 people (1.8% a/a), less than expected. This, combined with the rise in active population, led to a modest fall in the unemployment rate (-0.1pp to 13.9%). Excluding seasonality, employment stagnated and the unemployment rate rebounded to 14.4%

The recovery of the Labor market continued in 1Q19. The unfavorable seasonality led to a fall in Labor Force Survey employment of 93,500 people and an increase in the unemployment rate to 14.7%. After correcting this factor, quarterly employment grew by 0.8% and the unemployment rate fell to 14.0%.

The labor market recovered with more momentum than expected in 4Q18. Employment increased by 36,600 people (3% YoY) according to the Spanish Labor Force Survey, despite negative seasonality, and the unemployment rate fell by a tenth to 14.4%. Over the course of the year, 502,900 jobs were created (2.7% YoY) and the unemployment rate decreased by two points to 15.3%.

The recovery of the labour market recovered traction in 2Q18, with more momentum than expected. Favourable seasonality contributed to the increase in Labour Force Survey employment of 469,900 people and the fall in the unemployment rate to 15.3%. After correcting this factor, employment grew by 1.0% QoQ and the unemployment rate fell to 15.4%.

The second quarter got off to a positive start. Social Security registrations continued to improve in April (176,000 people) and unemployment continued to fall (-87,000 people), due only in part to the positive seasonality. Excluding this factor, it is estimated that employment grew by 40,000 people, while the decrease in unemployment reached 23,000.

Using data from the Economically Active Population Survey (EPA), this study expands the annual series on the education level of the population of Spain and its regions up to 2016 that were created by de la Fuente and Doménech (2016) for the period between 1960 and 2011.

Contrary to expectations, the labour market lost momentum in 4Q17. The unfavourable seasonality led to a fall in Labour Force Survey employment of 50,000 people, while the unemployment rate fell to 16.5%, despite the decline in the labour force. On average for the year, 483,300 jobs were created, and the unemployment rate fell to 17.2%.