Unemployment drops by 462,000 people

Unemployment drops by 462,000 people

Unemployment fell by 462,400 people in 2018, which is 12.3% less than in 2017, recording its sixth consecutive annual decrease. However, this decline is lower than that experienced in the previous four years, although higher than in 2013, when unemployment fell by 85,400 people.

The unemployment rate stood at the end of 2018 at 14.45%, 2.1 percentage points lower than in 2017 and its lowest level in ten years, reported Tuesday by the National Institute of Statistics (INE).

In turn, employment grew by 566,200 in 2018, almost 3% compared to 2017, achieving its fifth consecutive annual increase and the largest increase since 2006, when 686,200 jobs were generated in Spain.

Thus, 2018 closed with 19,564,600 employees and 3,304,300 unemployed. In both cases, this goes back to unemployment and occupation levels that were recorded at the end of 2008.

These figures came after unemployment in the fourth quarter of 2018 fell by 21,700 people (-0.6%) and employment increased by 36,600 people (+ 0.2%).

With the decrease in unemployment achieved in 2018, six consecutive years of reductions are chained after six years of increases. In 2015, unemployment registered the greatest fall of the historical series, with 678,200 less unemployed.

In 2018, Spain created employment for the fifth consecutive year after six years destroying it. Thus, last year 566,200 jobs were generated, with an annual growth rate of 2.98%, higher than a year before (2.6%).

Most of the jobs created last year were concentrated in the private sector, with 430,000 new jobs (+ 2.7%), compared to 136,200 jobs created in the public sector (+ 4.4%).

The number of employees grew by 2011 in 531,000 people (+ 3.3%), of which 363,700 had an indefinite contract (+ 3.1%) and 167,300 were temporary employees, 3.9% more than in 2017. The rate of temporality closed the year 2018 in 26.86%.


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