Unemployment fell by largest percentage drop in March since 2002

The number of people registered in the offices of the Public State Employment Service (SEPE), at the end of March, has decreased by 48,755 people (-1.67%) in relation to the previous month. This relative decline is the largest in the last two decades.

This is especially positive data in an international financial international economic context of uncertainty, especially in the financial sphere. Registered unemployment stood at 2,862,260 people, the lowest figure in a month of March since 2008.

Unemployment has decreased by 246,503 people (-7.93%) compared to March 2022. In seasonally adjusted terms, registered unemployment fell by 38,737 people.

Unemployment by sectors

By economic sectors compared to February, registered unemployment decreased in the four sectors: in the Services sector by 42,789 people (-2.05%), in Construction by 3,898 (-1.76%), in Industry it fell by 3,419 people (-1.47%) and in Agriculture it decreased by 2,648 people (-2.28%).

It increased among the group Without Previous Employment by 3,999 people (1.55%).

Unemployment by sex and age

Male unemployment decreased by 22,858 men (-1.96%) to a total of 1,143,937, and female unemployment by 1,718,323 decreased by 25,897 (-1.48%) in relation to the month of February, the lowest figure in the last 15 years. In the last two years, registered female unemployment has fallen by 559,776 women.

Unemployment among young people under 25 years of age decreased by 267 people in March (-0.12%) compared to the previous month. It is the first time in the last 9 years that unemployment has fallen among young people in a month of March.

The number of unemployed young people under the age of 25 stands at 215,099, the lowest in a month of March in the entire historical series.

Unemployment by autonomous communities

Registered unemployment decreased in all the autonomous communities except in the Community of Madrid, where it increased by 1,013 people.

Signed contracts

The total number of contracts registered during the month of March was 1,315,095. Of these, 615,674 employment contracts of an indefinite nature, representing 46.82% of all contracts.

Therefore, the change in the hiring model is verified when the labour reform has been applied for one year after the vacatio legis established in Royal Decree-Law 32/2021.

The post Unemployment fell by largest percentage drop in March since 2002 appeared first on Spain Today – Breaking Spanish News, Sport, and Information.