5 October 2015 – Expansión
The unemployment rate always increases at the end of the summer following the end of the holiday period as the abundance of temporary jobs linked to the tourism sector comes to an end. Other sub-sectors also tend to be hit, for example, catering, trade and leisure activities.
And that is exactly what happened last month (September). For this reason, the number of unemployed people registered at the Public Employment Service increased by 26,087. However, if we discount the effects of seasonality, the number of people on the dole actually decreased by 9,746 people.
In any case, the increase in the unemployment figure is in line with the previous two years. Unemployment grew by 19,720 people in September 2014 and by 25,572 people in the same month in 2013.
It could be said that with the economic recovery, the evolution of unemployment in September is tending to become more normal. During the economic crisis, unemployment rose by 95,000 people during that period.
It also true that, according to the Bank of Spain, QoQ economic growth weakened by 0.2 p.p. between July and September. GDP increased by 0.8% in Q3, compared with 1% in the second quarter of the year. This was due primarily to the impact of the crisis in China and Brasil on the global economy. Nevertheless, activity in Spain is also suffering from the moderation in household spending and residential investment.
For these reasons, the YoY rate of reduction in unemployment has fallen below 8% once again, after exceeding that threshold in July. Thus, in absolute terms, unemployment decreased by 353,808 people in September, i.e. by 7.95% in relative terms. The total number of unemployed people stands at 4,094,042. A (low) level not seen for five years – since 2010. (…).
By sector, unemployment in the construction sector has now recorded 35 consecutive months of decreases. (…).
Original story: Expansión (by M. Valverde)
Translation: Carmel Drake