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Unemployment Claims Fall In NSA and SA Terms

SPAIN DATA
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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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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.