The labor market continues without signs of exhaustion after the end of the summer with 27,027 fewer unemployed and 103,000 more jobs, especially in education
The start of the expected economic ‘hot’ autumn has shown no weakness in the labor market. The end of the summer and thus of the summer season in which more contracts are concluded in the tourism sector did not prevent October from ending with a significant drop in the number of unemployed registered in the SEPE offices, the highest drop in history : 27,027 people have left unemployment lists in the past month, up from just over 700 in October last year, which was the first drop in the historic run of more than 46 years. In this case, it is confirmed with even fewer statistics, according to data from the Ministry of Labor.
For example, the number of registered unemployed stands at 2,914,892, the lowest figure in a month of October since 2008, when the last major recession wreaked its greatest damage. For the department headed by Yolanda Díaz, these “historic” unemployment rates are achieved “thanks to the labor reform” because “the effects of a hitherto very pronounced temporariness are softened and stability is gradually consolidated.” The historical average of unemployment data in October reflected an increase of over 93,000 more unemployed in this month, just since that year 2008.
Neither the escalation of inflation, the rise in interest rates and the cost of credit, nor the lower margin that companies have to hire have affected unemployment figures for the time being. The data parallels that of GDP (Gross Domestic Product) confirmed by the INE last week, which shows lower growth in the economy than in previous months, but has not yet reached a recession.
Registered unemployment fell in all economic sectors at different intensities compared to September. It fell sharply in the services sector, with 16,153 fewer unemployed (-0.77%), also a decrease of 11,351 unemployed (-8.47%) in agriculture, 4,566 fewer unemployed (-2%) in construction and 551 ( -0.23 %) in industry. For its part, unemployment among the unemployed group rose by 5,594 persons (2.27%).
With these numbers on the table, the number of unemployed has fallen by more than 181,000 women in the past year, a number more than the number of men who have left the SEPE lists, estimated at 160,355. Between the two, the statistic has fallen by nearly 350,000 people.
In the month of October, a total of 1,524,139 contracts were signed, of which 697,335, 45.8% of the total, for an indefinite period. It is the usual trend since the last labor reform was signed, although in the first months of application the percentage of permanent employees reached more than 60% of contracts signed.
The improvement in unemployment figures was also accompanied by an increase in the number of jobs created in October. The average affiliation to social security accounts for 103,499 more members than in September, an increase that is on average for the same month of the period 2017-2019. The total number of affiliates thus stands at 20,283,786, which is approximately 593,200 more affiliates than a year ago.
The dynamism of employment in the past month is mainly explained by the increase in recruitment in the education sector, coinciding with the start of the school year and the need to hire teachers in recent weeks. Above all, they were women, with nearly 90,200 more jobs than in September, compared to men, with 13,318 more.
The Ministry of Social Security also appreciates more stability in the labor market. The department headed by Minister José Luis Escrivá recalls that affiliates with contracts of less than 30 days have been reduced by more than 2.8 million and that the average duration of the total number of contracts that led to dismissal in this has increased by 48 days . the same period of 2019.
Seasonally adjusted, without taking into account the calendar effects caused by the summer due to the tourist season or different agricultural campaigns with ups and downs depending on the time of year, the number of affiliates has been since the beginning of the year. For example, the August 2021 affiliation level is exceeded by 745,198 people, when the prepandemic affiliation level was exceeded. Behavior in this month of October remains in line with the 2016-2019 average, the last years of dynamism in the labor market before the outbreak of the pandemic.
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.
