Spain: Unemployment rate inches down to decade-low
January 29, 2019
The jobless rate ticked down to 14.5% in the fourth quarter of 2018, coming in below the 14.6% rate logged in the third quarter and marking the lowest reading since Q4 2008. In absolute terms, the number of unemployed fell to 3.30 million, a slight reduction from the 3.33 million jobless in the third quarter.
Employment gains were centered in the agricultural sector, adding 57,200 jobs in the fourth quarter, followed by the construction sector (+39,800). However, jobs were shed in services (-43,000) amid a waning tourism industry as well as in the industrial sector (-17,400). Temporary jobs were down 88,500 in Q3, contrasting the 108,500 permanent positions created. Meanwhile, the total workforce rose marginally by 14,900 people in Q4 to a total of 22.9 million.
Author: Javier Colato, Economist