Spain | 1Q23 EPA confirmed that the labor market gained momentum

Summary

Employment hardly changed between January and March, improving expectations. After adjusting by seasonality, job creation and total hours worked accelerated (to 1.2% and 0.6% t/t SWDA, respectively). In addition, the unemployment rate (12.6% SWDA) and the temporary employment rate (17.8% SWDA) fell.

Key points

• Key points:
• Job creation and working hours bounced back.
• Employment rose in all non-agricultural sectors.
• Permanent employment boosted job creation.
• The labor force surprisingly increased.
• Andalusia and Aragon led job creation in the first quarter.

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