Spain | The recovery in employment continued in September, but the road ahead is long

Summary

Affiliation increased by 81,900 people in September (-2.4% y/y) and unemployment fell by 26,300 (22.6% y/y). Excluding the seasonal component, employment grew by 105,000 people and unemployment decreased by 49,000. In 3Q20, job creation rose by 1.5 t/t CVEC and unemployment fell by 1.0%.

Key points

• Key points:
• Employment grew in September, but there were still about 890,000 fewer jobs than there would have been in the absence of COVID-19
• About 880,400 workers with limited activity: 728,900 employees affected by ERTE and 151,400 self-employed with benefits
• 3Q20: The recovery of the labor market is unfinished

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