Spain | Labor market recovery gained momentum in 3Q21

Summary

Social security affiliation increased by 57,400 people in Sep-21 (45,000 seasonally and working-day adjusted (SWDA), according to BBVA Research estimates) and unemployment fell by 76,100 (76,000 SWDA). In 3Q21, both job creation (1.2% t/t SWDA) and unemployment reduction accelerated (-7.7%).

Key points

• Key points:
• Social Security registration exceeded the seasonally adjusted pre-crisis figures.
• 467,300 workers with limited activity: 240,900 employees covered by ERTE and 226,400 self-employed with benefits.
• The reduction in unemployment once again exceeded expectations.
• 3Q21: the labor market recovery gained traction.

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