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Last year closed with a new record in employment in Spain: a total of 468,100 jobs created for the whole year, according to data from EPA the labour force survey published by the country's INE national institute of statistics. In the last quarter, the number stood at a record 21.9 million employed, marking an increase of 0.83%.
The data supports the improving health of the Spanish labour market as employment continues to grow. However, the pace is slowing down compared to the one in 2023, when 749,000 jobs were created - 37.5% more - and is at 2019 levels.
Unemployment fell by 265,300, to a rate of 10.6%, which is the lowest level since the second quarter of 2008. The increase in employment and reduction in unemployment were possible thanks to an increase of the active labour force, which grew by 202,800 people in the last year. It is noticeable that the employment rate continues to rise, having reached a historic high recorded during a fourth quarter - up to 67.5%. According to the Ministry of Economy, the reduction in unemployment has been particularly significant among women, with a 167,000 less unemployed women over the last year.
In the last quarter of 2024, the number of unemployed fell by 158,600, or 5.76% (in terms of seasonality the reduction is 3.63%), bringing it below 2.6 million workers. This is the lowest figure unemployment has stood at since the second quarter of 2008.
The data also shows that job creation in 2024 was concentrated almost exclusively in the private sector, with 453,500 jobs, nearly 97% of the new job market total. At the same time the temporary employment rate has continued to fall, dropping more than one point in the last year, reaching 15.48%. On the other hand, the number of households with all members unemployed decreased by 94,700, while there was an increase of 249,900 households where all members were employed.
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