Spain | Labour market registrations were better than expected in February

Summary

Data from February indicate that, for the time being, no effects of the coronavirus are observed in the labour market. Social Security affiliation rosed by 85,700 people (1.9% YoY) and unemployment fell by 7,800 (-1.3% YoY). Excluding seasonal factors, employment accelerated to 36,000 people and unemployment fell by 17,000

Key points

• Key points:
• The rate of progress in social security affiliation has improved, but remains modest
• Employment developed better than expected in all sectors, especially in services and agriculture
• Hiring rebounded after four months of decline and unemployment unexpectedly dropped
• All sectors contributed to the fall in unemployment

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