Bankinter | The number of unemployed fell by 1,357 in July, from 48,900 in June. Unemployment stands at 2.40 million people (down 0.06% month-on-month and 5.71% year-on-year). Seasonally adjusted Social Security enrolment stands at 21.6 million people (up by 31,080 workers, 0.14% month-on-month and 2.24% year-on-year).
Bankinter analysis team’s view: The number of unemployed fell slightly in July, compared to the slight upturns in August in recent years. The number of people registered with social security has remained above 21 million since March 2024. The implicit unemployment rate stands at 10% (in line with the positive Active Population Survey data for Q2 2025, which stood at 10.29%). Our estimates point to an unemployment rate (APS) of 10.7% at the end of the year and 10.6% in 2026.
