Spain | December data ratify the sluggishness of the labor market in 4Q19

Summary

Social security affiliation rosed by 31,700 people in dec-19 (2.0% YoY) and unemployment fell by 34,600 (-1.2% YoY). Excluding seasonal factors, employment grew by 15,000 people and unemployment by 5,000. In 4Q19 the affiliation slightly advanced (0.4% t/t CVEC) and unemployment broke its downward trend (0.1% t/t CVEC)

Key points

• Key points:
• Social Security affiliation disappointed at the end of 2019
• Employment development was somewhat worse than expected in all sectors
• Hiring corrected upwards in December
• Unemployment surprised negatively
• Construction sector was responsible for the non-seasonal increase in unemployment

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