April 14, 2021

The unemployment rate falls to 14%, its lowest level since 2008

Unemployment fell by 123,600 people in the second quarter of the year, which is 3.7% less than in the previous quarter, to reach the total unemployed at 3,230,600 people, according to the published Active Population Survey (EPA) this Thursday by the National Institute of Statistics (INE).

This decrease in unemployment is lower than those registered in all the second quarters of the last six years, so we have to go back to the second quarter of 2012 to find a worse figure: the one that showed an increase in unemployment of 63,100 people.

The unemployment rate fell almost seven tenths in the second quarter, to 14%, its lowest level since the fourth quarter of 2008, while the activity rate rose four tenths, to 58.7%, after increasing the number of assets in 210,200 people between April and June (+ 0.9%).

Between April and June of this year 333,800 jobs were created, 1.7% more than in the previous quarter, which placed the total number of employed at 19,804,900 people, the highest level in ten years. However, this increase in jobs is lower than those achieved in the second quarters of 2017 and 2018, when the occupation increased by 375,000 and 469,900 people, respectively.

Job creation recorded in the second quarter was concentrated in the private sector, which generated 352,900 jobs (+ 2.1%), as the public sector barely destroyed 19,100 jobs, 0.6% less than the previous quarter .

The number of employees increased by 330,500 people (+ 2%), distributing this increase almost equally among employees with a temporary contract, which rose by 166,100 people (+ 3.9%), and employees with an indefinite contract, who advanced in 164,500 people (+ 1.3%).

In the second quarter of this year, female employment exceeded 9 million people for the first time and the number of employees with an indefinite contract reached the highest figure in the historical series, with 12,288,500 permanent workers.

In the last year unemployment has fallen by 259,500 people (-7.4%) and 460,800 jobs have been created, at an annual growth rate of almost 2.4%, the most moderate since the first quarter of 2018.

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