Javier Molina "We are somewhat optimistic about the evolution in Spain, with an economy that continues to show the ability to adapt and be resilient"
Although sectors such as tourism, traditionally key and very seasonal, have registered declines, the impact has been balanced by growth in other areas, such as education. This shows that the Spanish economy is finding balance and continuity in its employment structure," explains Javier Molina, senior market analyst for eToro. "We are somewhat optimistic about the evolution of employment in Spain, with an economy that, despite the challenges, continues to show the ability to adapt and be resilient," he concludes.
In September, unemployment in Spain rose slightly, with 3,164 more people, which represents the lowest monthly increase since 2007, excluding the months affected by the pandemic. Despite this slight increase, the employment outlook continues to show signs of stability and adaptation. With unemployment benefit coverage exceeding 75% for the first time since 2010 and 43.81% of contracts signed being permanent, we see how the labour market continues to offer positive signs.
Although sectors such as tourism, traditionally key and very seasonal, have registered declines, the impact has been balanced by growth in other areas, such as education. This shows that the Spanish economy is finding balance and continuity in its labour structure, offsetting the decline in certain sectors with strength in others. In addition, the youth unemployment rate reached historic lows for a month of September, which reinforces the feeling of continued improvement in the labour market.
We view the evolution of employment in Spain with some optimism, with an economy that, despite the challenges, continues to show capacity for adaptation and resilience.
