Unemployment in Spain fell to its lowest level in a year in July, according to the most recent figures.
The Spanish labor market continues to show signs of recovery from the coronavirus crisis. In July, the average number of workers enrolled in Spain’s Social Security system reached 19,591,728 – a record high. The previous high was 19.5 million contributors in July 2019. That is, 60,000 more affiliations than two years ago.
In terms of unemployment, over 3.4 million people are unemployed in Spain, up from just over three million in July 2019. But this number is decreasing. The number of unemployed has fallen by 197,841, the most in a single month. This number has been falling steadily since February, when it surpassed four million. The number of unemployed has fallen by half a million in three months. And there are 365,636 fewer unemployed than last year.
Unemployment in Spain dropped in all industries, but especially in the services sector, where unemployment fell by 133,658. Andalusia (-69,159) had the largest absolute drop in unemployment, followed by Catalonia (-37,548) and the Canary Islands (-20,374).
This is excellent news for the economy, which is expected to grow even faster once the European Recovery Funds are injected into the country.