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Employment increased in November, compared to the usual decline in the number of affiliated workers this month

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Despite the uncertain economic conditions, employment remains constant. Minister José Luis Escriva announced Thursday that the labor market is showing “great dynamics” this month, more than last October, he explained at his usual mid-month press conference. Social Security estimates that employment will remain unchanged in November, averaging about a thousand more jobs than usual for this month, with about “38,000 job losses” between 2017 and 2019. In seasonally adjusted terms, estimates say 80,000 jobs will be added, far more than in October.

The labor market is resilient despite economic uncertainty

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Labor market figures and resilience are a “surprise”, the social security minister has admitted at a time of economic uncertainty and an inflationary crisis. “Companies continue to recruit”, Escrivá observed, which shows that they are not in a critical situation and that they have good forecasts for the short term.

Seasonally adjusted employment data, which the ministry usually uses to measure labor market evolution, minus seasonal factors, is much higher: 80,000 plus affiliated workers. In October, the data was around 16,000. From 2017 to 2019, the years of economic growth before the pandemic, the increase was about “36,000,” Escriva said.

Thus, the total number of employed workers will reach “a new record high for employment,” Escrivá indicated, at 20.3 million workers in seasonally adjusted terms.

“Normalized” growth

Employment resilience has been celebrated by the person in charge of Social Security, who responded that it was “generalised by sector”. That is to say, they don’t see any anomaly that would justify a big increase in the labor market this month, but it’s something broader, Escriva pointed out, which apparently reflects good general employment progress.

At the end of the year, government estimates say employment will grow by an average of 4%. The historic increase in the number of workers, maintains José Luis Escrivá, “that we only found in 2006”, the year of the “height of the bubble”, with plenty of employment, but very different from the current growth.

The minister highlighted the growth in “quality employment”, as there are now more permanent workers following labor reforms and the sectors pulling the most from the labor market. Activities such as information technology and telecommunications and scientific activities “with high added value and high salaries” are the fastest growing sectors.


Source: eldiario.es/

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