Spain’s Jobless Rate in January 2024

(Reuters) – Spain’s jobless rate inched up in January from the previous month but remained at the lowest level for this time of year in 17 years.

The Labour Ministry reported on Tuesday that the number of people registering as unemployed rose by 1.51% in January compared to December, which translates to an increase of 38,725 individuals. This leaves a total of 2.60 million people unemployed, representing a 6.08% decrease from January 2024.

Furthermore, Spain lost a net total of 242,000 formal jobs during January, bringing the average to 21.1 million jobs. Conversely, the country gained 491,000 net jobs compared to January 2024, according to a separate report from the Social Security Ministry.

As the Spanish economy expanded more rapidly than its neighbors, the unemployment rate, released quarterly, has been continually decreasing, arriving at 10.61% in the fourth quarter, the lowest since 2008.