Spanish labor market shows resilience despite late summer

Madrid — Spain’s labor market remains resilient in October, with official data showing a drop in unemployment on Wednesday and a rise in unemployment at the end of the summer tourist season, which usually spikes. bottom.

According to data from the Ministry of Social Security, the hospitality sector has led job creation, slightly above 25,000 of the 102,474 positions added in the month, followed by bar and restaurant employment seen in the third quarter. I am.

Approximately 4.7 million foreign tourists visited in September, four times the number last year, but about half the pre-pandemic level. The numbers continue to grow later in the season as restrictions are relaxed and vacations become more attractive.

Regarding Cadena SER’s radio, Economy Minister Nadia Calbino described the latest employment statistics as “very positive.”

“We expect this trend to continue accelerating during November,” she said, adding that employment has returned to pre-pandemic levels.

According to data from the Ministry of Labor, the number of registered job seekers fell by 0.02% from September, a significant slowdown from the previous month’s decline, but this is the first time the unemployment rate has fallen in October since 1975.

By sector, by sector, unemployment declined in services, construction and industry, but increased by 5.1% in agriculture.

Overall, about 3.26 million people are absent from work, about 570,000 less than they were a year ago. Third-quarter employment data released last week show that more than 20 million people are working in Spain for the first time since 2008.

Despite optimism about strong employment statistics, Spain’s economic recovery looks more volatile than previously thought.

Third-quarter economic growth was lower than expected after the second-quarter slump, inflation was at its highest level in 30 years and could jeopardize the government’s goal of returning to pre-pandemic output by the end of the year. There is sex.