Spain | A notable improvement in employment in July, but not enough to overcome the crisis

Social Security affiliation increased by 161,217 people (-3.8% YoY) and unemployment fell by 89,849 (25.3% YoY). Excluding seasonality, employment grew by 150,000 people and unemployment fell by 85,000. However, the estimated impact of the crisis is still significant: 1,175,000 contributors and 843,000 unemployed.

Key points

• Key points:
• Social security affiliation improved more than expected in July, but the aggregate effect of the COVID-19 crisis remains significant.
• Impact of COVID-19: 843,000 unemployed, 1,118,000 affected by ERTE and 1,609,000 self-employed with benefits in July.

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