Rise In Spain’s Furloughed Workers Overshadows Surge In Social Security Affiliation In November

Hiring fell by 6.55% in comparison with October, with a total of 1.45 million contracts

Randstand Research | The labour market records in November reflect a relatively negative performance compared with the path of recovery that was observed during the previous four months.

Social Security affiliation in November increased by 31,638 people, a 0.17% rise, the best figures in that month since 2006. However it masks an increase in those affected by temporary layoffs of 147.000 during the same month. The seasonally adjusted series also reflects an increase in affiliation in November and the year-on-year variation is -1.83%. The total number of contributors exceeded the threshold of 19 million (namely 19.02 million people).

Hiring fell by 6.55% in comparison with October, with a total of 1.45 million contracts. The decline in hiring has been in both indefinite (-15.84%) and temporary (-5.53%) contracts. In year-on-year terms, indefinite-term contracts fell by 25.30%, while temporary contracts fell by 17.01% compared to November 2019. This continues to reflect the strong impact of the economic standstill resulting from the Covid-19 crisis.

Registered unemployment grew in November by 25,269 people (+0.66%), which is the worst November since 2012. In seasonally adjusted terms, the data is not positive either, since a month-on-month increase in unemployment was measured after correction for seasonality. The total number of registered unemployed stands at 3.85 million.