Labour Market: Registered unemployment. October 2024
Key Points:
- Registered unemployment in Spain increased by 0.1% in October 2024 to reach 2,922,334 people.
- The number of unemployed increased by 3,339 over the month, with women accounting for 62.5% of the total.
- In year-on-year terms, registered unemployment fell by 5.4%, representing a reduction of 167,254 people.
- The construction sector experienced the largest increase in unemployment (1.7%), followed by agriculture (0.8%) and services (0.1%).
- By autonomous community, Andalusia registered the highest number of unemployed (810,853), followed by Catalonia (487,159) and the Valencian Community (391,346).
Analysis:
The slight increase in registered unemployment in October 2024 is mainly attributed to seasonal factors, as it is common for unemployment to rise slightly in autumn months. However, the year-on-year decline indicates a gradual improvement in the labour market.
The construction sector has been particularly affected by the seasonal slowdown, along with agriculture and services. However, these increases were offset by a decrease in unemployment in the industrial sector (0.3%).
The decline in unemployment over the past year has been driven by the recovery of economic activity following the COVID-19 pandemic. The tourism sector, in particular, has been a major contributor to this improvement, as it has created numerous jobs in the hospitality and retail industries.
Despite the overall positive trend, the distribution of unemployment across autonomous communities remains uneven. Andalusia, Catalonia, and the Valencian Community continue to have the highest unemployment rates, while the Basque Country and Navarra have the lowest.
Policy Implications:
The Spanish government is implementing measures to address the remaining challenges in the labour market. These measures include:
- Investing in education and training to enhance the skills of the workforce.
- Promoting job creation through incentives for businesses and entrepreneurs.
- Implementing active labour market policies, such as job placement assistance and retraining programs.
- Expanding social protection programs to support unemployed individuals and their families.
By addressing these challenges, the government aims to create a more inclusive and sustainable labour market in Spain.
Labour Market: Registered unemployment. October 2024
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