Spain | 3Q23 LFS: The labor market surprised in a positive way

Summary

Employment grew more than expected (209,200 people). After adjusting for seasonality, employment data was positive, both in terms of the number of workers (0.8% QoQ SWDA) and in terms of hours worked. In addition, temporary employment fell (16.8% SWDA) and the unemployment rate increased (12.2% SWDA) due to the labor force.

Key points

• Key points:
• The evolution of both the number of people employed and the number of hours worked was favorable.
• All non-agricultural sectors contributed to job creation.
• Permanent contracts accounted for the increase in employment.
• Unemployment rate increased, driven by a surge in the labor force.
• The Levante region (excluding the Balearic islands) led job creation in the third quarter, while the North showed the greatest weakness

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