Bankinter | The number of unemployed people rose by 3,548 in February, from 30,392 in January. Unemployment stands at 2.44 million people (up 0.15% month-on-month and down 5.8% year-on-year). Social Security affiliates: 21.6 million (up 97,000 people, up 0.45% month-on-month and up 2.2% year-on-year). Seasonally adjusted Social Security enrolment stands at 21.9 million people (up 45,200 workers, 0.21% month-on-month).
Analysis team’s view: The number of unemployed rose slightly in February, compared to an average of slight declines this month in previous years (6,700 on average over the last six years). The implicit unemployment rate would stand at 10% (against 9.93% unemployment rate in the Active Population Survey Dec-25). Our estimates point to an unemployment rate of 10.0% at the end of 2026.
