Spain | The labour market recovery strengthened, but there is still some way to go

Summary

Social Security affiliation grew by 91,500 people in July and unemployment fell by 197,800. BBVA Research estimates that employment rose by 67,000 seasonally adjusted and unemployment fell by 181,000. However, the number of workers with limited activity still exceeds 551,000.

Key points

• Key points:
• Employment continues to rise, but it is estimated that there are 850,000 fewer people registered with Social Security than in the absence of COVID-19
• 551,500 workers with limited activity: 331,500 employees covered by ERTE and 220,000 self-employed with benefits
• The fall in registered unemployment exceeded expectations

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