Spain | The deterioration of the labour market slowed down in May

Summary

Average Social Security affiliation increased by 97,500 people (-4.6% YoY) in May, but unemployment rose by 26,600 (25.3% YoY). Seasonally adjusted, employment fell by 77,000 people and unemployment increased by 104,000. The estimated impact of the crisis since March is around 1,290,000 affiliates and 840,000 unemployed.

Key points

• Key points:
• The aggregate effect of the COVID-19 crisis on employment remained significant, but data for May show signs of improvement.
• Services bear the brunt of job destruction, while construction surprised positively.
• Permanent employment increased and recruitment rebounded from exceptionally low figures.
• Impact of COVID-19: 1,290,000 fewer affiliates since March, 840,000 more unemployed, 2,999,000 affected by temporary lay-offs (ERTE) and 1,429,000 self-employed with extraordinary benefit for cessation of activity.

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