Spain | Signs of weakness in the labour market continue

Social security registrations increased by 15,500 people in July (2.6% YoY), less than expected, and unemployment fell by 4,300 (-3.9% YoY). Excluding seasonal factors, the number of people in employment grew by 20,000, despite the slowdown in the service sector, and unemployment rose for the second month in a row (5,000)

Key points

• Key points:
• Social Security registration lost momentum in July
• Agriculture and services disappointed, while industry and construction behaved slightly better than expected
• Hiring picked up and the seasonality ratio declined again
• Unemployment rose for the second consecutive month due to sluggish services

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