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Jobless claims up 82,327 in October as labor market gives off mixed signals

Source: El Pais - Tue 3rd Nov 2015
Jobless claims up 82,327 in October as labor market gives off mixed signals

The Spanish job market issued mixed signals in October. Unemployment rose by 82,327 individuals to reach 4.1 million, yet Social Security affiliations considered a sign of job creation also grew a monthly average of 31,652 for a total of 17,221,467 individuals, according to figures released by the Labor Ministry.

The same, seemingly contradictory trend was also on display in October 2014 and October 2013. But it helps to look at the seasonally adjusted figures, which factor out the effects of the tourist and harvest seasons and other calendar dates that could significantly skew the figures. These show that last month unemployment in fact fell by 6,727 people and that Social Security affiliations grew by around 35,000 new contributors.

The latter figure owes much to the beginning of the school year: over 110,000 new contributors to the welfare system last month work in education. Meanwhile, many workers in the hospitality sector signed out of the system as the summer wound to an end.

Hirings were slower in October than at any other time this year. There were 1.7 million contracts signed, representing a 3.43% increase from the same month in 2014.

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