November 24, 2020

EPA: The unemployment rate drops by 15% for the first time since 2008 | Economy

EPA: The unemployment rate drops by 15% for the first time since 2008 | Economy



The unemployment rate has fallen to 14.55%, according to the Labor Force Survey (EPA) that the National Institute of Statistics has published this Thursday. We have to go back to the end of 2008, just after the fall of Lehman Brothers, the zero zone of the economic crisis that still has open wounds in the labor market 10 years later.

Those wounds are still there despite the fact that Spain has been creating jobs for more than four years. And last summer was no exception. In a single quarter, 183,900 jobs were created and stood above 19.5 million. Throughout the year, 478,800, a 2.51%. With very good results, this figure confirms the slight cooling that has been observed in the economy in recent months, since in the previous quarter the annual rate of job creation was three tenths higher.

The other side of the labor market, unemployment, also yields positive figures. In summer there were 164,100 fewer unemployed than in spring and 405,800 less during the year. This left the total number of unemployed at 3,326,000.

Summer is usually a good month for the labor market. The high season of tourism, substitutions for summer holidays and good weather, which favors the activity of economic sectors such as construction, stimulate hiring.

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