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Smaller-than-usual Fall In Unemployment Claims In May

SPAIN DATA
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Spanish registered unemployment fell by 58.65k persons in May, bringing the total stock of unemployed claimants to 2,608k. The Spanish Labour ministry reports that this is the lowest stock of unemployed persons in the month of May since 2008.

  • The data are not seasonally adjusted. Looking at May data back to 2010, the median fall in unemployment claims is 84.08k. As such, today’s reading indicates a smaller-than-usual fall.
  • Services, which represents the largest proportion of unemployed (and employed) individuals, saw a 44.5k fall in May (vs a historical May median of -54.8k).
  • Nevertheless, the data still suggests the unemployment rate may continue to moderate to all-time lows in Q2, helping underpin consumption growth going forward.

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Spanish registered unemployment fell by 58.65k persons in May, bringing the total stock of unemployed claimants to 2,608k. The Spanish Labour ministry reports that this is the lowest stock of unemployed persons in the month of May since 2008.

  • The data are not seasonally adjusted. Looking at May data back to 2010, the median fall in unemployment claims is 84.08k. As such, today’s reading indicates a smaller-than-usual fall.
  • Services, which represents the largest proportion of unemployed (and employed) individuals, saw a 44.5k fall in May (vs a historical May median of -54.8k).
  • Nevertheless, the data still suggests the unemployment rate may continue to moderate to all-time lows in Q2, helping underpin consumption growth going forward.