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Unemployment Falls To 11.3% In Q2, Driven By Services

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Spanish unemployment was 11.27% in Q2, down from 12.29% in Q1.

  • The number of unemployed persons fell by 222.6k in Q2 (-7.5% Q/Q NSA), led by a 190.5k fall in the services sector.
  • Meanwhile, total employment rose by 434.7k (2.05% Q/Q NSA). Services accounted for 304k of this increase.
  • This is unsurprising, with services the largest sector by employment (76% of total employment) and also driving the Spanish economic recovery (the services PMI has been in expansion since September 2023).
  • In seasonally adjusted terms, the number of emplyomed persons rose 0.4% Q/Q (vs 0.5% in Q1) while unemployed persons ticked up 1.2% Q/Q (after 14 consecutive quarters of negative Q/Q SA growth).
  • Looking ahead, the Spanish expected employment indicator from the European Commission’s business survey remains above the long-run average, last 107.0 versus the 2010-2019 average of 97.9.

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Spanish unemployment was 11.27% in Q2, down from 12.29% in Q1.

  • The number of unemployed persons fell by 222.6k in Q2 (-7.5% Q/Q NSA), led by a 190.5k fall in the services sector.
  • Meanwhile, total employment rose by 434.7k (2.05% Q/Q NSA). Services accounted for 304k of this increase.
  • This is unsurprising, with services the largest sector by employment (76% of total employment) and also driving the Spanish economic recovery (the services PMI has been in expansion since September 2023).
  • In seasonally adjusted terms, the number of emplyomed persons rose 0.4% Q/Q (vs 0.5% in Q1) while unemployed persons ticked up 1.2% Q/Q (after 14 consecutive quarters of negative Q/Q SA growth).
  • Looking ahead, the Spanish expected employment indicator from the European Commission’s business survey remains above the long-run average, last 107.0 versus the 2010-2019 average of 97.9.