Unemployment Recorded Its Best November In History, With 74,381 Fewer Unemployed People

unemployment spain

The Social Security system gained 61,768 contributors with respect to October, bringing the total number of employed persons to 19,752,358 contributors.

The number of people registered in the offices of the State Public Employment Service (SEPE) fell by 74,381 in November, the largest drop for that month, and for the first time in the historical series unemployment has fallen for nine consecutive months.

According to the information provided by the government, this drop leaves the total number of unemployed at 3,182,687, the lowest figure for a month of November since 2008. And below the levels of unemployment prior to the pandemic.

In these nine months of declines, unemployment has fallen by 826,102, the note adds.

In November, Social Security enrolment also rose with an increase of 61,768 jobs on a monthly average, to a record 19.7 million; while in seasonally adjusted terms the increase was 109,451.

The month also recorded another record high, with 282,981 permanent contracts signed, the highest figure in the entire series.

Employment, which has increased for seven consecutive months, now exceeds by 291,799 the number of people employed in February 2020, the month prior to the start of the health crisis due to the pandemic.

The outflow of ERTE workers has also continued, with 39,992 fewer to a minimum of 125,632 at the start of December, although the data is provisional due to the change of model.

By sector, and discounting seasonality and the calendar effect, Social Security enrolment grew especially in services, with 91,989 more enrolled workers, followed by industry, with 9,460 more, and construction, with 6,753 more jobs.

In November, 2,021,546 contracts were signed, the highest figure for that month, of which 282,981 were permanent contracts, the highest figure in the whole series.

These permanent contracts accounted for 14% of all contracts signed in the month, higher than the usual 10%.

Of the remaining contracts, 12,111 were training contracts and 1,726,454 were other types of temporary contracts.

The number of workers under temporary lay-offs (ERTE) continued to fall with the implementation of the new regulation, from 165,624 in October to 125,632 at the beginning of December.

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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.