Spain | Job creation continued in August and the fall in unemployment surprised again.

Social Security affiliation and unemployment decreased in August (-118,000 and -82,600, respectively). Adjusted for negative seasonality, BBVA Research estimates that employment rose by 32,000 and unemployment fell by 104,000. The number of workers with limited activity is now below 500,000.

Key points

• Key points:
• The recovery in employment continued despite negative seasonality and the end-of-month effect.
• 495,600 workers with limited activity: 272,900 employees covered by ERTE and 222,700 self-employed with benefits.
• The decline in registered unemployment again beat expectations.

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