Spain | LFS confirms that the recovery of the labor market was interrupted in the 3Q19

Summary

Despite the positive seasonality, employment increased by only 69,400 people (1.8% a/a), less than expected. This, combined with the rise in active population, led to a modest fall in the unemployment rate (-0.1pp to 13.9%). Excluding seasonality, employment stagnated and the unemployment rate rebounded to 14.4%

Key points

• Key points:
• Occupation disappointed, with a practical stagnation
• Services ceased to lead the recovery in employment, while industry avoided further adjustment
• Self-employment, which is mainly responsible for the slowdown in employment
• Decrease in the seasonality rate. Slight growth in the seasonally adjusted unemployment rate
• High regional heterogeneity

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