Spain | Employment gained traction in October, but unemployment rebounded

Social security affiliation increased by 106,500 people (2.3% YoY) and unemployment by 97,900 (-2.4% YoY). Once seasonality is accounted for, mixed signals are observed in labor market: employment gained dynamism and grew by 39,000 people, but unemployment registered its third non-consecutive growth in 2019 (13,000 people)

Key points

• Key points:
• Social Security affiliation pleasantly surprised in October
• Service sector explains the positive evolution of employment
• The advance of temporary employment contracts offset the decline in the indefinite
• Unemployment rose more than expected
• All sectors supported the rise in unemployment, except industry

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