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    Published on Tuesday, July 28, 2020

    Spain | Record-breaking job destruction in 2Q20 despite ERTEs, according to LFS

    Summary

    Employment decreased by 1,074,100 people (-6.0% y/y). However, employees who worked fewer hours than usual due to ERTEs or partial unemployment amounted to 4,580,000, so the hours worked fell by 22.6% QoQ. The decline in the labour force due to the lockdown limited the rise in the unemployment rate till 15.3%

    Key points

    • Key points:
    • Record-breaking decrease in employment, despite the role of the temporary employment regulation schemes (ERTE) and the extraordinary cessation of activity benefit for self-employed workers as shock absorbers
    • All sectors destroyed employment
    • Temporary contract workers represented two thirds of the fall in employment in the quarter
    • The restrictions associated with the lockdown caused an outstanding reduction in the labor force, which limited the increase in the unemployment rate
    • The labor market in the islands was the most affected by the consequences of the pandemic

    Geographies

    Authors

    Giancarlo Carta BBVA Research - Senior Economist
    Camilo Ulloa BBVA Research - Principal Economist
    Juan Ramón García BBVA Research - Principal Economist

    Documents and files

    Note (PDF)

    EPA2T20.pdf

    Spanish - July 28, 2020

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