Spain | November's figures confirm the recovery of the labor market.

Summary

Social Security affiliation grew by 61,800 and unemployment fell by 74,400, more than expected. Temporary employment rate fell, benefiting from the contingency plan against irregular hiring. Excluding seasonality, BBVA Research estimates that employment increased by 100,000 and unemployment fell by 91,000

Key points

• Key points:
• Social Security affiliation beats expectations
• 231,800 workers with limited activity: 125,600 employees covered by ERTE and 106,200 self-employed with benefits
• Outstanding fall in the temporary employment ratio driven by the conversion of temporary contracts into permanent contratcts
• Unemployment reduction quickens

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