Forecasts for the labor market: employment will continue to increase, but not as strongly as in May
The indicator points to a prolongation of the labor market recovery over the next 3 months, although some slowdown is expected in the rate of unemployment reduction and employment growth.
BY RRHHD Digital, 14:45 – 08 June 2021
Social Security affiliation registrations increased by 212,000 jobs during the month of April, which allowed an improvement in the interannual rate of affiliation to + 3.83% compared to +3, 23% of the previous month, according to Unemployment valuations.
Unemployment declared fell by 129,000 people in April, reaching 3.78 million unemployed, reflecting an improvement in the rate of change over one year of this variable, which is negative (-1.98%) for the first time since start of the pandemic.
Looking ahead to the next three months, the indicator indicates that the Spanish labor market will continue to create jobs in a seasonally favorable period. The latest data observed in May reflects notable optimism on the part of the business community, which has increased hiring for a good summer campaign, to a magnitude comparable to those recorded before the pandemic.
However, forecasts point to a slowdown in the pace of job creation in the coming months. Indeed, while the summer months are good for jobs, they are less so compared to the spring months, April and May, which we have just experienced.
Therefore, everything indicates that the progress of the vaccination campaign will influence a gradual opening of borders, which will result in the arrival of tourists and the rebound in economic activity and employment.