Spain | 2Q2024 Quarterly Labor Market Observatory

Summary

In this edition of the QLMO, we review the labor market situation with data available up to Q2 2024. We assess the progress of key indicators, explore employment rate differences between Spain and the EU, and place particular emphasis on the trends in occupational segregation.

Key points

• Key points:
• Job creation continued in Q2 2024, primarily driven by self-employed workers and permanent contract employees.
• Foreign nationals made up two-thirds of the employment increase, while Spanish nationals aged 44 and over accounted for the remainder.
• The rising participation of the foreign-born population in the labor market is occurring with lower levels of occupational segregation compared to the period before the Great Recession, especially among the most recent immigrant cohorts.
• Registered unemployment continued to decline, though “effective” unemployment, which includes job seekers still under employment contracts, decreased at a slower pace.
• Over the last two decades, Spain’s position in the EU-27 employment rate rankings has fallen, reaching 24th place in 2024.

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