Bankinter | Spain’s labour market is continuing on the road to recovery. The unemployment rate in Q3’21 improved to 14.57% from 15.26% in the previous one (and vs 14.10 expected). The Rate of Activity rose to 59.14% (+1,30 pp yr/yr), with the number of people in work exceeding 20 million.
If we include the number of workers on an ERTE to September (239,000) and on freelance workers’ benefits (226,000), the jobless rate would stand at 16.6%.
The active population rose by 232,000 people and stands at nearly 23.5 million. This has led to a further improvement in the Rate of Activity to 59.14%, more than the 58.2% registered in Q4’20 (and close to the average for the last 15 years of 59.3%).
The number of people in work increased by 359,300 people to exceed 20 million workers (+1.8% q/q and +4.5% yr/yr). The quarterly hike was the product of 44.500 more workers in the public sector and 314.800 in the private sector, with the services industry once again the leader. The number of people out of work fell by 127,100, standing at 3.4 million (-3.6% q/q and -8.2% yr/yr).
In conclusion, the improvement in the jobs market is continuing to go hand-in-hand with the recovery in the economy and the normalisation of the services industry.
Good news in terms of activity and the number of people in work standing at over 20 million. It should be borne in mind that there are still nearly 2% of workers on an Erte or receiving freelance benefits. These schemes were extended until end-February 2022.