Spain | 3Q2024 Quarterly Labor Market Observatory

Summary

In this edition of the QLMO, we review the labor market situation with data available up to Q3 2024. We review the trends in key indicators, examine recent behavior from a flow perspective, and place particular emphasis on the characteristics of first-time employment.

Key points

• Key points:
• Job creation continued in Q3 2024, driven by growth in salaried employment, which offset the decline in the number of self-employed workers.
• Employment growth was concentrated among foreign nationals and Spanish nationals under the age of 25.
• The unemployment rate continues to decline despite the persistent resistance of long-term unemployment to decrease. The gap between "effective unemployment" and registered unemployment widened, while the turnover rate of registered unemployment stabilized.
• The number of people entering their first legal job in Spain has grown since the pandemic, reaching pre-Great Recession levels.

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