There is no good first quarter in terms of employment. The seasonality of the Spanish economy has determined it to be the worst, the one in which unemployment always rises and employment falls, something that has also happened on this occasion. It has taken a considerable toll according to EPA data released this morning. At the start of the year, 139,700 jobs have been lost, while the number of unemployed increases by 117,000 people. Third data that is also negative, the unemployment rate rises to 12.29%, which represents half a point increase compared to the previous quarter.
You have to go back to the second quarter of 2020 to find such a significant loss of jobs in this quarter. Last year, for example, the first three months of the year ended with a minimal loss of occupancy. This has not been the case in this year and this despite the fact that the entire Holy Week was included in the month of March.
Also on the unemployment side, we have to go to the years of the pandemic to find worse figures. It is true that last year the first three months experienced an increase in unemployment of 104,000 people, which was already seen as high then, but has now been clearly exceeded.
It is the start of a year that follows a magnificent 2023 in terms of employment. A year in which Spain ended with 783,000 more jobs and almost 21.24 million employed people and throughout which the labor market showed a resilience that surprised everyone by continuing to grow in a more than complicated international context.
The resilience of the labor market is one of the pillars of the Spanish economy, and has helped it maintain economic growth well above that of European countries, both last year, with 2.5%, and the forecast for the current, close to 2%. Furthermore, it is one of the elements that also supports the sustainability of pensions, which are subject to strong pressure as they are updated based on inflation, and which has to be compensated with income measures. When doubts are raised, such as those caused by the publication last week of the Aging Report of the European Commission, which warned of a high level of spending on pensions in the coming years, the Government responds that it will be compensated by an also high level. from income. And to achieve this, occupation is one of the aspects to take into account.
The Ministry of Economy highlights that the volume of employed people has been consolidated at over 21 million people throughout the last year, and also that stability in employment has increased, with growth in indefinite employment in this quarter to 103,700. people, which reduces the temporary employment rate to 15.7%.
