Bankinter : The number of unemployed increased in August by +24,826 persons (after -10,968 in July). It stands at 2.7M persons (-0.9% m/m and -7.6% YoY). The seasonally-adjusted number of registered registered persons increases to 20.7M (+0.1% m/m and +2.8% year-on-year). Ministry of Labour and Social Economy and Ministry of Social Inclusion and Migration.
For the trade union USO, the figures are not good, because “On 31 August, more than 300,000 workers left the Social Security”, while “agriculture has hired this year a third of the seasonal workers of 2022, with the consequent danger also for prices”. In addition, there have been “50,000 registrations in Education after the 52,000 departures in June: education has become permanent and discontinuous”.
For Bankinter’s analysis team: The number of unemployed increased in August after five consecutive months of decreases. Historically, August is a month in which there are upturns due to the end of the summer season, the average for the last 20 years in August is +22.0 thousand workers (excluding 2021). The implied Unemployment Rate would remain at around 11.5% (vs 11.60% in the 2Q23 EPA).