Spain | 4Q23 LFS: Positive closure for 2023 in line with expectations

Summary

Excluding seasonal factors, occupation outpaced affiliation in 4Q23 (0.6% q/q vs. 0.4% q/q), and worked hours surged to 0.9% q/q. The temporary employment and unemployment rates dropped (to 16.5% and 11.9%, respectively). In 2023, 615,000 jobs emerged (3.0%), lowering the unemployment rate to 12.9%.

Key points

• Key points:
• Both employment and hours worked exhibited positive trends.
• All sectors contributed to job creation.
• Temporary employment rate reached a historic low, and the unemployment rate stabilized.
• The labor market maintained its dynamism throughout 2023.
• Tourist regions led in job creation for the year 2023.

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