Escrivá expects this month to close with 102,000 additional affiliates, the lowest figure in four years, but denies a “cooling” in the labor market
The government denies a “cooling” of the labor market, but the data supports this. The month of October will close with an average of 102,000 new jobs, which, while a significant number, is the smallest increase not only in the last two years, defined by the pandemic, but also in the last four years.
The Minister of Social Security, José Luis Escrivá, presented this Wednesday the accession advance for the month of October and despite the fact that the seasonally adjusted figures are worse (barely 15,000 new jobs, the worst figure since 2012, amid the crisis economy), boasted that ” the dynamism of the labor market is maintained” and denied that there are “signs of slowing down” from the pace that started at the beginning of the year.
“It is a month that we appreciate very positively and that does not seem to detect a cooling in the labor market,” he repeated. The former Airef president stressed that growth rates of about 2% are being recorded and, despite falling three points compared to the 5% that developed employment just six months ago, he emphasized that, “for this time of year and what it falls with, it is very, very remarkable.» “The resilience of the labor market is extraordinary,” he emphasized.
It is clear, however, that the impact of the labor reform will become even stronger in October. For example, 84% of contracts are now open-ended, fourteen points more than before the entry into force of the new standard, bringing the percentage of storms down to 16%, a historic minimum. In addition, the increase in affiliates with a permanent contract between January and October increased by 28 percentage points among young people.
Along this line, Escrivá benefited from longer contract durations as a result of the labor reform, as the average duration has increased by 20% compared to 2019, meaning 40 days more in absolute terms. Likewise, he pointed out that contracts lasting more than 30 days or that have not yet expired are up 411,000 from 2019, while contracts under a month are down by more than 2.7 million.
The minister also stressed that the education sector, which has created less employment this month than in other years, is converting temporary contracts “intensively” into indefinite and discontinuous permanent contracts, while reducing the weight of temporary contracts.
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.
