HE Ministry Social Security predicts a certain cooling in its formation. work for the month of May after accumulating three fortnights in a row with a lower occupancy increase compared to previous weeks. This will not be compatible with Spain setting a new occupation record. 20.7 million active workers Never before had so many people been employed at the same time and contributed to Social Security. According to the membership progress in the middle of the month released this Tuesday, the department led by Jose Luis Escriva It predicts the creation of 116,779 jobs.
The labor market is experiencing its best months of the year as seasonal activities put a heavy strain on the Spanish economy. hostel or tourism– in full swing. despite the effects war in ukraineresidual and persistent high inflationSpain has been accumulating several months, with job creation figures much higher than those recorded in the years just prior to the outbreak of the pandemic.
However, this vitality begins to show some signs of fatigue, or at least to a certain slowdown. In seasonally adjusted terms, i.e. after the Social Security ‘cuisine’ has been applied and the cyclical component removed, Spain would gain around 117,000 jobs in May, according to results recorded in the first two weeks of the month. This is a good result, given the weighted average of 40,780 new jobs during 2022 – including bad and good months. Almost three times less.
‘B side‘ That figure is growing more than last year, yes, but less than the labor market has been used to in recent weeks. According to data from Social Security, it will be the third consecutive fortnight to create fewer jobs than the previous two weeks. What is technically known as a slowdown in employment. It is not destroyed, it is created far from it, but at a lower rate.
In their notes from the government, they underlined that the current rate is “25 percent higher than the average recorded so far this year”. They also emphasize that “nearly as many jobs have been created this year as in all of 2022 so far”. In this sense, we will have to wait and see the behavior of the labor market, especially after August and if the cooling in recent weeks continues, worsens or decreases.