Economic uncertainty is leading the country to lead the world’s biggest drop in job creation expectations
Fears of a recession are terrifying Spanish businessmen, who have failed to live up to their commitment to hire and expand in this last quarter of the year, to the point of becoming practically paralyzed after a year of record growth. This is according to a study into the employment forecast published on Tuesday by the consultancy ManpowerGroup.
Managers predict that the labor market will show a near-flat behavior due to the uncertain panorama drawn by the price of energy, inflation, the bottlenecks in the supply of some raw materials and the background of the invasion of Ukraine. according to the report. The net forecast for the last three months of the year is therefore at 2% compared to 21% in the previous quarter and 33% in the same period of the previous year. This represents a quarterly decrease of 19 points and 31 compared to the previous year. Both lead to the most significant declines of the 41 countries analysed. In addition, Spain is the fourth worst market globally in terms of forecasts, 28 points below the average (30%).
Despite this being an overall decline compared to the previous quarter, five of the 11 sectors analyzed remain in positive numbers and anticipate growth in their teams for the next three months. Leading the way are the third sector and technology companies, with net expectations of 18% and 17% respectively; However, it should be noted that the latter is a figure that is far from the record figure reached at the beginning of this year 2022: 50%.
On the contrary, five other sectors expect to reduce their employment, while one, the manufacturing sector, expects to remain, albeit with a sharp drop of 47 points. Also notable is the collapse of the structure, with 56 points; and the primary sector, which lost 46 points.
The decline in hiring expectations is common in all Spanish regions, although it is uneven. The best employment forecasts for the last quarter of the year are in Valencia and Murcia, followed by Andalusia, Extremadura and the Canary Islands. On the contrary, the worst are recorded in the north (Aragón, Cantabria, La Rioja, Navarra and the Basque Country) and the center of the country (Madrid and Castilla-La Mancha).
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
