Spain | Labour market recovery gained momentum in 2Q21

Summary

Social Security affiliates increased by 233,100 (165,700 SWDA) and unemployed fell by 166.000 (-57,300 SWDA). In Q2, job creation accelerated (1.1% QoQ SWDA) and unemployment returned to the downward path (-0.7%). There are still more than 600,000 workers with limited activity

Key points

• Key points:
• Employment picked up strongly, but it is estimated that there are 910,000 fewer Social Security affiliates than in the absence of COVID-19.
• There are 610,000 affiliated workers with limited activity: 449,400 affected by ERTE and 160,300 self-employed with benefits.
• The reduction in registered unemployment gained traction, especially in the service sector

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