Spain | 1Q2024 Quarterly Labor Market Observatory

Summary

In this edition of the QLMO, we analyze the labor market situation with data available up to the first quarter of 2024. We review the trends of the main indicators, examine the differences between the Labor Force Survey and administrative records, and highlight Spain's productivity deficit.

Key points

• Key points:
• Job creation picked up in the first quarter of 2024, but total hours worked decreased due to a third consecutive quarterly reduction in the intensive margin.
• The growth of labor costs has moderated, both per hour and per employee.
• After several years of convergence, the unemployment and employment data from the LFS and administrative records have diverged following the LFS's adjustment to the 2021 population census.
• Spain's chronic labor productivity deficit compared to the Eurozone has worsened over the last decade, despite the fact that both gross value added per hour worked and per employee have increased more in Spain since 2022.
• The presentation of the Observatory (in Spanish) is available here.

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