The number of unemployed people registered in the offices of the State Public Employment Service (SEPE) at the end of May 2022 is 2,922,991. The total number of unemployed had not fallen below three million since December 2008.
The number of unemployed decreased in May by -99,512 persons (vs -86,260 persons in April). The number of unemployed stands at 2.922 million (-3.3% m/m and -22.7% y/y). The seasonally adjusted number of seasonally-adjusted registered workers would amount to 20.025 million people.
As Bankinter analysts explain: The number of unemployed decreased in May -99.5 thousand people, above the average of the previous 20 years of about -71.7 thousand workers. The implied unemployment rate would be around 12.7% (vs 13.1% implied in April and 13.65% of the INE in Q1 2022).
At the end of March the ERTE-Covid ended (ERTE-ETOP stood at around 22,454 workers vs 18,750 in April).
