Labour market: Economically Active Population Survey (EAPS) Q3-24
October 25, 2024
The latest data from the Economically Active Population Survey (EAPS) for the third quarter of 2024 show that the Spanish labour market continues to perform strongly.
Key findings:
- The number of employed persons increased by 0.5% year-on-year to 20.6 million.
- The unemployment rate fell to 9.0%, its lowest level since the end of 2008.
- The participation rate remained stable at 62.3%.
Employment:
The increase in employment was driven by the services sector, which saw a gain of 158,000 jobs. The construction and industry sectors also contributed to the overall increase, with gains of 19,000 and 12,000 jobs, respectively.
Unemployment:
The unemployment rate fell by 0.4 percentage points year-on-year. The decline was most pronounced among women and young people. The long-term unemployment rate also fell, to 4.2%.
Participation:
The participation rate, which measures the proportion of the population that is either employed or unemployed, remained stable at 62.3%. This is slightly higher than the EU average of 61.7%.
Outlook:
The Spanish labour market is expected to continue to perform well in the coming months. The government’s forecast for 2024 is for employment to increase by 1.5% and the unemployment rate to fall to 8.5%.
Conclusion:
The EAPS data for the third quarter of 2024 paint a positive picture of the Spanish labour market. Employment is growing, unemployment is falling, and the participation rate is stable. The government’s forecast for continued strong performance in the coming months is a testament to the strength of the Spanish economy.
Labour market: Economically Active Population Survey (EAPS) Q3-24
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