Labour Market: Registered Unemployment. November 2024
Headline Figures
- Registered unemployment fell by 10.4% year-on-year in November 2024, to 1,962,989.
- In the month of November alone, registered unemployment fell by 1.8% compared to the previous month, with 35,827 fewer people registered as unemployed.
- The unemployment rate stood at 8.0% in November 2024, compared to 9.0% in November 2023.
- Long-term unemployment (over 12 months) decreased by 14.9% year-on-year.
- Youth unemployment (under 25) decreased by 20.3% year-on-year.
Analysis
The Spanish labour market continues to show signs of improvement, with registered unemployment falling by 10.4% year-on-year in November 2024. This is the sharpest annual decline in unemployment since the start of the COVID-19 pandemic. The monthly decrease of 1.8% is also positive news, indicating that the labour market is continuing to recover.
The unemployment rate has fallen to 8.0%, the lowest level since the first quarter of 2020. This is a significant improvement from the peak of 15.5% reached in April 2020.
Long-term unemployment and youth unemployment have also decreased significantly over the past year. Long-term unemployment fell by 14.9% year-on-year, while youth unemployment fell by 20.3%. This suggests that the labour market is becoming more inclusive and that more people are finding work.
Outlook
The outlook for the Spanish labour market remains positive. The economy is expected to continue to grow in 2025, which will create more jobs. Additionally, the government is implementing a number of policies to support job creation, including a plan to invest €100 billion in vocational training.
However, there are some risks to the labour market outlook. The war in Ukraine is causing uncertainty and could lead to a slowdown in economic growth. Additionally, the rising cost of living is putting pressure on household incomes, which could reduce consumer spending and lead to job losses.
Conclusion
The Spanish labour market is continuing to recover, with registered unemployment falling and the unemployment rate declining. However, there are some risks to the outlook, including the war in Ukraine and the rising cost of living. Overall, the outlook for the Spanish labour market remains positive, but it is important to be aware of the risks.
Labour Market: Registered unemployment. November 2024
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