Spain | Employment started to pick up in April

Summary

Social Security affiliation grew by 134,400 in April and unemployment fell by 39,000. Adjusted for positive seasonality, BBVA Research estimates that employment rose by 29,000 and unemployment by 32,000. Nevertheless, the number of workers with limited activity still exceeds 1,094,000.

Key points

• Key points:
• Although employment gained momentum in April, it is estimated that there are 1,170,000 fewer social security affiliates than in the absence of COVID-19.
• 1,094,000 workers with limited activity: 638,000 affected by ERTE and 456,000 self-employed with benefits.
• Registered unemployment surprised on the upside.

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