Unemployment falls by 24,573 in November after three consecutive months of rises thanks to services sector

empleo españa

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.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.