Bankinter | The number of unemployed people fell by -18,805 in November, compared to a rise of +22,100 in October. Unemployment stands at 2.4 million people (–0.8% month-on-month and –6.2% year-on-year). Seasonally adjusted Social Security affiliations total 21.84 million people (+44.5 thousand workers, +0.2% month-on-month, +2.5% year-on-year), although the average number of SS Affiliates for the month declined by −14.4 thousand people (−0.1% month-on-month).
OPINION: The number of unemployed people moderately decreased in November, in line with the last 10 years, during which it had dropped by an average of −8.9 thousand people. The number of Social Security affiliates remains above 21 million since March 2024, although it decreased in terms of the monthly average data. The implicit unemployment rate stands at 10.0% (the EPA survey for Q3 2025 rose to 10.45%). Our estimates point to an Unemployment Rate (EPA) of 10.2% at the end of the year and 10.1% in 2026.
