Spanish unemployment fell below 3 million for first time since 2008

Spanish unemployment fell below 3 million for first time since 2008 announced Jose Luis Escriva Minister for Social Security on June 2.

Reduction in May was 99,512 meaning that the number of unemployed stands at 2,922,911 with 33,000 new jobs created and is the lowest figure since November 2008 at the start of the global financial crisis.

Despite the Russian invasion of Ukraine and the energy crisis, compared to May 2021, the total number of unemployed has decreased by 858,259 people (-22.7 per cent).

The total number of contracts registered during the month of May was 1,640,595 which represents a rise of 95,287 (6.17 per cent) over the same month last year.

More importantly, the number of new permanent contracts entered into in May was 730,427, the highest figure since records started being kept.

This is particularly significant as May is the month which normally see temporary contracts being issued, especially in the hospitality industry, to cope with the influx of tourist during the summer season.

There were a number of temporary contracts entered into during May, but the number is also the lowest since records have been kept.

Female unemployment decreased in May by 47,403 women (-2.65 per cent) and stood at 1,740,982 unemployed registered in the public employment services.

Male unemployment decreased by 52,109 men (-4.22 per cent) and stood at 1,182,009.

Unemployment of young people under 25 years of age also fell in the month of May by 21,973 people (-9.90 per cent) compared to the previous month.

Thanks to this sharp drop, the number of unemployed under 25 years of age fell to 199,920, the lowest figure ever recorded.

Thank you for reading ‘Spanish unemployment fell below 3 million for first time since 2008’ and remember that all articles produced by Euro Weekly News may be accessed free of charge.