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Amid clouds on economic horizon, Spain’s jobless rate stays below 3 million mark
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(Reuters) – Spain’s jobless number remained below three million for the second month running, falling to 12.48% in the April to June period of 2022 compared to 13.65%
(Reuters) – Spain’s jobless number remained below three million for the second month running, falling to 12.48% in the April to June period of 2022 compared to 13.65% three months earlier, data from the National Statistics Institute showed on Thursday.
The quarterly unemployment rate fell to its lowest level since the third quarter of 2008, when the rate was 11.23%. A total of 2.9 million people remain out of work while 20.5 million are in employment.
The rise in employment in the second quarter came entirely from the private sector, which hired 397,600 people, while 14,300 people were shed in the public sector. Most jobs were created in services – including Spain’s tourism sector, industry and construction, while jobs in agriculture dropped.
The data evidences the economy’s continued recovery from the impact of COVID-19 that has boosted hirings and pushed many workers out of the shadow economy.
The authorities have however warned of clouds on the horizon because of the war in Ukraine and soaring inflation.
On Tuesday Spain raised its inflation forecasts for 2022 to 7.8% from a previous 6.1%. It maintained its GDP growth target for 2022 at 4.3% in anticipation of a strong tourist season but lowered its target for 2023 to 2.7% from a previous 3.5%.
(Reporting by Marta Serafinko and Aislinn Laing, editing by Inti Landauro and Angus MacSwan)
Gross Domestic Product (GDP) is the total monetary value of all goods and services produced within a country's borders in a specific time period, indicating the economic performance of that country.
Inflation is the rate at which the general level of prices for goods and services rises, eroding purchasing power. It is typically measured annually.
Job creation refers to the process of generating new employment opportunities in the economy, which can be driven by various factors including business expansion and economic growth.
Economic growth is the increase in the production of goods and services in an economy over a period of time, often measured by the rise in GDP.
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