Spain | Job creation slowed down and unemployment stopped falling in 3Q23

Summary

Social Security affiliation increased more than expected in September (18,300 people), although the increase in unemployment surprised negatively (19,800 people). After adjusting for seasonality, employment grew in 3Q23 (0.3% QoQ CVEC), hiring fell (-3.1%) and registered unemployment stagnated.

Key points

• Key points:
• Social Security affiliation regained traction in September.
• The Services sector kept SWDA employment afloat.
• Rise of temporality. Unemployment picked up.
• The primary sector and industry led the advance of unemployment.
• The labor market showed mixed signals in 3Q23.

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