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Unemployment resists inflation and war in 2022 with the lowest level in 15 years

Date: February 7, 2023 Time: 07:28:50

After a 2021 of strong progress with the lifting of the most severe restrictions of the pandemic, the labor market has resisted the onslaught of a 2022 marked by the economic effects of the war in Ukraine and the energy crisis and by rapid inflation. , which dismissed the year close to 8.5% on average (but which reached 10.8% in July). Neither these difficulties nor the more than evident cooling of the economy in the second semester have prevented unemployment from falling in the last year by 268,252 people to 2,837,653, its lowest level since 2007 (just at the beginning of the start of the financial crisis).

The number of Social Security affiliates exceeds 20.1 million means, its highest level in the entire historical series. This has been so because the number of contributors has requested more than 750,000 in the last year. It has increased by 3.9%, which is a higher rise than what had been registered in periods of high job creation, such as the one immediately preceding, which occurred between 2017 and 2019. The improvement in the year as a whole occurs after a month of December in which the Christmas campaign of the services sector has allowed compliance with the planned script, despite the slowdown in consumption.

Unemployment has fallen by 43,727 people in the last month of the year, that is, 33,000 less than in December of last year. Then, the restrictions due to the pandemic were completely lifted and this year-end is marked by the slowdown in GDP, which will barely have grown a famished 0.1% in the third quarter. In year-on-year terms, unemployment fell by 268,252 people (8.64%).

The Christmas campaign in the services

By economic sectors and in relation to November, registered unemployment fell mainly in services (by 37,080 people), in the group without a previous job (7,155) and in agriculture (4,922). It hardly varies in industry (it increases by 275 people) and increases by 5,155 people in construction. By gender, female unemployment dropped in December by 37,411 women to a total of 1,690,148, the lowest figure in fourteen years.

Youth unemployment also marks a record low with 195,000 under 25s registered at SEPE offices. Registered unemployment in December fell in thirteen autonomous communities, with Andalucía (-22,280 people), Comunidad de Madrid (-6,782 people) and the Canary Islands (-3,124) leading the way.

In the last month of the year, a total of 1,189,917 contracts were signed, of which the majority, 41%, continued to be temporary. At the same time, permanent contracts have continued to increase, so that the total number of contracts sealed in the year fell by 18.7% to 18,310,343 (four million fewer than the previous year), something that the Government attributed to the effects of the labor reform. According to the Department headed by José Luis Escrivá, the current number of permanent workers is more than 2.3 million higher than that existing before the labor reform.

The smallest rise in average affiliation since 2012

In December, Social Security added 12,640 average affiliates, its smallest increase for this month since 2012, when employment fell by more than 88,000 people in the midst of the sovereign debt crisis in Spain. If the seasonally adjusted data is taken (eliminating calendar effects), Social Security lost a drop of 8,347 contributors in December after 19 consecutive months of increases. Thus, it closed the year with 20,310,799 employees, some 815,000 more than in August 2021, when the occupancy level prior to the pandemic was exceeded.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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