Spain | Still incomplete job recovery, wich lost traction in October

Summary

Affiliates increased by 114,000 people in October (-2.3% y/y) and unemployment rose by 49,600 (20.4% y/y). Once seasonality adjusted, employment grew by 45,000 people, half as in September, and unemployment fell by 40,000, 8,000 less. The impact of the crisis is significant: -890,000 members and 750,000 unemployed.

Key points

• Key points:
• Affiliates growth weakened, and there are still about 890,000 fewer than there would be in the absence of COVID-19
• 856,000 affiliated workers with limited activity: 599,400 affected by ERTE and 256,500 self-employed with benefits
• Registered unemployment increased due to seasonal reasons, although less than expected

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