Bankinter| The number of unemployed fell by 24,573 in November (after 36,936 in October). This increase was mainly due to the services sector, which accounted for a large part of the fall in unemployment.
With these figures, the total number of unemployed stood at 2,734,831 people (down 0.9% monthly and 5.1% year-on-year), its lowest figure for a month of November since 2007.
For its part, Social Security lost an average of 11,583 contributors in November compared with the previous month (a drop of 0.06%), mainly due to the drop in affiliates in the hotel and catering sector and the fall in foreign employment. Seasonally adjusted affiliates increased to 20.75 million people (+0.05% monthly and +2.6% year-on-year).
The analysis team’s opinion: better than expected as the number of unemployed declines in November, after three consecutive months of increases. Moreover, historically, November is a month in which the number of unemployed usually rises, with a historical average of +32 thousand workers. This would imply an unemployment rate of around 11.6% (vs. 11.8% in the EPA of 3Q 2023).
Full data here at the Ministry of Labour and Social Economy and more at the Ministry of Social Inclusion and Migration, both in Spanish.
