Acceleration of employment in March, which has reached all-time highs. The labor market added an average of 206,410 workers affiliated to Social Security last month, the highest figure in the statistical series, until reaching a new employment record. The ceiling was reached during the month, with almost 20.5 million working people registered, the highest data in the entire record, and maximums were also broken with the average for the month: almost 20.4 million affiliated people, 20,376. 552. Regarding unemployment, it fell by 48,755, to 2,862,260, the lowest figure in a month of March since 2008.
The drop in unemployment, in absolute numbers, is surpassed by other Marches, but in relative terms it also meant a significant drop, with a monthly drop of 1.67% in unemployed people signed up for SEPE, the largest in this month since 2002. Work stands out.
The labor market continues to give good news, after last February, which already registered an acceleration in employment and which has been greatly surpassed by March (and that Easter has not fallen this month, which this year marks the beginning of of April).
The Social Security Minister, José Luis Escrivá, celebrated the data early in an interview. “These are extraordinary data, which are unprecedented,” Escrivá highlighted on Cadena Ser, where he recalled that they dismantle the “gloomy” forecasts of “some economic parties and entities.” For her part, the Second Vice President and Minister of Labor, Yolanda Díaz, highlighted on her Twitter account that this March “has been one of the best months in two decades in reducing unemployment.”
According to seasonally adjusted data, which are those used by the Ministry of Social Security to measure the evaluation of the labor market, isolating seasonal fluctuations, the rise in employment in March was 151,943 people, compared to 81,808 in February and 57,726 in January. The rate of growth is “more than triple the average of the three previous months”, highlights the department of Escrivá.
With the average data for affiliates, shown below, it is the best March in the historical series.
Among the balances for the month, the almost 9.6 million women working affiliated with Social Security (9,598,202) stand out, representing another record in the series. For their part, there are 10,778,350 affiliated men. On the unemployment side, the number of unemployed young people under 25 years of age stands at 215,099, the lowest in a month of March in the entire historical series.
If we look back a year, we also see the highest rate of job creation, which has accelerated to 2.7%, with more than half a million more workers in the last 12 months. Specifically, an average of 542,049 more people affiliated with Social Security.
Minister Escrivá has highlighted that in a difficult context, in which the high prices of the inflationary crisis continue, employment has endured in an “extraordinary” way, which in his opinion demonstrates the effectiveness of the Executive’s economic policies “to neutralize the effects of the war in Ukraine” and the confidence of employers in the economic situation.
New temporary work minimum
The employment records are also accompanied by other good news, the improvement of its quality with the continuous progress of the stabilization of workers. When a year has passed since the labor reform, and this month of April marks the first anniversary of the new temporary contracts, the labor market registers a new “historical low of 14% of affiliates” with temporary contracts, the ministry of José Luis Escrivá stands out. Specifically, the data has been reduced to 14.1%.
Overall, “there are now 2.6 million more affiliates” with an indefinite contract than in December 2021, the last month before the reform came into force, explains Social Security.
Regarding the contracts signed in March, 1.3 million, the permanent ones represent almost half (47%) of all the contracts, another of the photographs of the change in the labor market after the labor reform. Before the legislation, permanent workers used to represent around 10%.
Promotion of sectors with quality employment
If we look at which sectors pushed more employment in March compared to the previous month, the boom in the hospitality industry stands out, with 5.7% more affiliated people, 71,800 more workers in the General Scheme. This is followed by construction, with almost 15,000 more employees (+1.6%), and artistic and entertainment activities, with 4,440 more affiliated people (+1.5%).
But one of the most notable developments since the pandemic is the great boost in employment in sectors with high added value, that is, with higher productivity and higher-quality employment. If we look at which sectors have thrown more employment in the last year, the hotel industry once again heads the list, with an increase of 8.7% and 107,000 more employees in the General Regime, and is closely followed by the Information sector and Communications, with 8% more employees (+46,154 affiliated people).
Construction also follows closely, with an increase in employment of 6.4% in the last year, with almost 59,000 more employees, as well as professional scientific and technical activities, with an increase of 6.3%, which means 52,300 workers plus affiliates in the General Regime. Minister José Luis Escrivá has highlighted the role of the Recovery Plan in boosting these activities, among other factors.