Friday, 26 May 2023, 18:39
More than 600,000 jobs will have been created in the first half of the year and Spanish unemployment will fall below the three million mark, according to a new forecast.
Close to 21 million workers will be registered with Social Security system for the first time in history in July, the third quarterly report on labour market forecasts published by Adecco revealed on Wednesday, 24 May. Deputy prime minister Yolanda Díaz even expected the 21 million figure to be exceeded.
The record reached in April, when 20.61 million contributors were recorded, will fall just shy of 21 million this month and in June and July, where it will reach 20.92 million workers.
The report showed employment will strengthen in the run-up to summer where 300,000 new jobs will be created in the next three months, in addition to the almost 320,000 generated in the first four months of the year.
The rate of job creation will go from 2.3% in the second quarter of the year to 2.9% in the third quarter, according to the predictions.
"Without a doubt, we have seen strong growth in our enrolment, which confirms the important seasonal component of our production model and the dependence on the service sector, tourism and the hotel and catering industry," Adecco said, which also pointed out that this is a much lower increase than the 5.1% recorded a year ago.
On the other end of the labour market, the number of unemployed is expected to continue to fall from the 3.12 million recorded by the labour force survey (EPA) in the first quarter to 2.95 million in the second quarter and 2.93 million in the third quarter. This will push the unemployment rate down by one percentage point in the coming months to 12.3% in the third quarter, its lowest level since 2008.
"It seems that we are entering a second four-month period of recovery, but not without the feeling that we are still living in times of enormous volatility," Adecco Group Institute director, Javier Blasco, said.
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