The economic slowdown is beginning to show, although the Department of Social Security assures that membership will grow by 4% this year
The economic slowdown is starting to show up in the labor market. The average social security affiliation registered a slight decrease in the month of November, with 155 fewer affiliations than in October. This data contrasts with the increase of 61,768 affiliates in November 2021 compared to the immediately preceding month. The total number of current average members is 20,283,631 (10,747,427 men and 9,536,203 women), which is 531,273 more members than a year ago.
In seasonally adjusted terms, Social Security affiliation added 78,695 people in November, making a total of 20,319,146 employees. This accumulates 19 consecutive months of increased employment. So far this year, the increase is over 480,000 subscribers, excluding seasonality and the calendar effect. The number of affiliations in August 2021 will be exceeded by approximately 825,000 people, when the pre-pandemic enrollment level was exceeded.
According to the Department of Social Security, the data for the first eleven months of the year allows us to expect membership growth of almost 4% for all of 2022, the highest growth rate in recent years.
Education is still the most dynamic sector for job creation, followed by commerce, which added nearly 25,000 new branches, likely influenced by ‘Black Friday’. Employment in public administration, construction and industry also increased. All this almost completely offset the downturn in the hospitality industry, which lost more than 101,000 workers, a decline of 7%.
Employment growth shows remarkable dynamism in high-value-added sectors such as IT and telecommunications, which have 18.5% more subscribers than before the pandemic, or professional, scientific and technical activities (10.4%). The activities growing by more than 10% compared to pre-pandemic levels are for the most part high productivity activities. This is the case for programming, consulting and computing activities, which have added 27% of member companies as of February 2020. It is followed by Corporate Headquarters Activities and Business Consulting (18.1%), Film, Video and Television Activities (17.7%), R&D (17.6%) and Forestry and Logging (17.1%). 3%). %).
The number of contracts fell 6.5% in the month, with permanent contracts falling the most, almost 12% compared to a 2.1% drop in fixed-term contracts. Nevertheless, compared to the end of 2021, the increase in members with a permanent contract continues to grow, more than 2.3 million people. Members with contracts shorter than 30 days have been reduced by more than three million and the average term of the total contracts that resulted in leave in these eleven months has increased by 49 days compared to the same period in 2019.
The number of employees in ERTE, in turn, remains stable at around 20,000 workers.
On the other hand, registered unemployment in the offices of the Public State Employment Service (SEPE) decreased by 33,512 persons (-1.15%) in the month of November. This is the second largest drop in this month in the past decade, surpassed only by that of the year 2021, marked by the pandemic. The total number of unemployed amounts to 2,881,380 persons and is the lowest in a month of November since 2007. Seasonally adjusted, registered unemployment decreases by 61,595 persons.
By economic sector, registered unemployment fell compared to October in services -25,083 people (-1.21%), in agriculture -4,507 people (-3.67%), in industry -3,783 (-1.59%) and in construction -1,924 people (-0.86 %).
Registered unemployment fell in eight autonomous regions in November. In absolute terms, the most pronounced decreases were recorded in the Valencian Community (-15,330), Andalusia (-11,169) and the Community of Madrid (-7,757).
In terms of the number of unemployment benefit recipients, the number of existing beneficiaries was 1,735,379 at the end of the month. The total expenses for October 2022 amounted to 1,697.8 million euros.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
