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Free AccessUnemployment Claims Fall In NSA and SA Terms
Spanish unemployment claims fell by 7,452 in February after January's 60.4k rise. The total stock of claims was 2,760,408, which the Spanish Labour Ministry notes is the lowest February figure since 2008.
- A reminder that the data are not seasonally adjusted. Claims often see a large rise in January and a smaller change in February.
- At a sector level, claims fell by -8.5k in services (after rising 58.7k in Jan), and fell for the second consecutive month in construction (-2.4k vs -1.2k prior).
- In seasonally adjusted terms, claims fell by 28,249 people.
- Looking ahead, the EC expected employment indicator for Spain fell marginally in February to 108.8 (vs 109.2 prior) but remains above the 2023 average of 106.9.
- The relatively healthy employment outlook follows a steady uptrend in total hours worked since the pandemic. Combined with a higher productivity than EZ counterparts, this has allowed sequential Spanish GDP to grow positively since Q3 2020, and most recently above consensus expectations in Q4 2023.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.