Spain’s jobless inches up in Jan but stays at 15-year low

THE number of people registering as jobless in Spain inched up in January from December though it remained at a 15-year low for a month of traditionally higher unemployment, Labour Ministry data showed on Thursday (Feb 2).

The number of jobless in January increased by 70,744 people, or 2.5 per cent compared to December 2022, leaving a total of 2.91 million people out of work, a report from the ministry said.

Traditionally, the number of unemployed people has tended to rise in January as temporary hires over the holiday season in the retail and tourism industries are laid off.

The number of unemployed people in December had fallen 1.5 per cent.

“This increase has been more moderate than the historical average and other recent months, which shows a more stable labour market,” Labour Minister Yolanda Diaz said in a post on Twitter.

In January 2008, the total number of unemployed people was at 2.26 million.

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The low level of unemployment in Spain is an encouraging sign as the country’s economy is set to slow down this year after a higher-than-expected 5.5 per cent growth last year.

Spain gained 57,726 net formal jobs in January to 20.3 million jobs, after a December job loss, a separate report from the Social Security Ministry showed.

The number of unemployed youth, the Spanish labour market’s weak spot, rose 4 per cent in January from December, but was at a record low for January – at 203,504 people. REUTERS