Spain | LFS 1Q21: Employment defied the third wave, but worked hours fell again

Summary

Employment increased 0.5% QoQ CVEC (-2.4% YoY), more than expected. However, the worked hours decreased (-0.9% QoQ CVEC; -3.5% YoY) and the employees in ERTE or partial unemployment who did not work exceeded 400,000. The decline in labour force participation reduced the unemployment rate to 16%.

Key points

• Key points:
• Job recovery lost traction, but less than expected.
• Agriculture and services boosted employment.
• Labour force fell again and contributed to the reduction of the unemployment rate.
• Heterogeneous recovery with the Balearic Islands in the lead.

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