Spain | Labor market lost some momentum in May

Summary

Social Security affiliation increased by 200,400, in line with expectations. However, unemployment fell by less than expected (-49,300). After adjusting for seasonality, it is estimated that employment grew by 50,000 -half that in April-, unemployment fell by 4,000 and the temporary employment rate barely changed (57.2%).

Key points

• Key points:
• Social Security affiliation lost traction momentum in May.
• Services led job creation, despite its slowdown.
• There was a stagnation in temporary employment.
• The reduction in registered unemployment was moderated.
• Services, industry and the formerly unemployed group led the contraction in unemployment.

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