Spain: unprecedented deterioration of the labour market

Summary

Labour records from March confirm that the confinement has a remarkable effect. Average Social Security enrolment decreased by 302,600 people (-0.5% YoY) and unemployment rose by 302,300 (9.3% YoY). Seasonally adjusted, the fall in employment was 424,000 people and the increase in unemployment was 338,000.

Key points

• Key points:
• The COVID-19 crisis caused an unprecedented drop in employment.
• All non-agricultural sectors destroyed employment.
• Temporary employment was the most affected.
• Historical decline in hiring, especially of temporary one.
• 302,300 more unemployed in March. All sectors contributed to the increase in unemployment.

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