Financial News: Spain Jobless Rate Rises Slightly In Q3

Spain Jobless Rate Rises Slightly In Q3

10/26/2023 - 08:14:00 (RTTNews)

(RTTNews) - Spain's unemployment rate rose slightly in the third quarter but the labor market remained strong as tourist season boosted job creation in the service sector, the statistical office INE said on Thursday.

The jobless rate rose to 11.84 percent in the third quarter from 11.60 percent in the second quarter. In the same period last year, the rate was 12.67 percent.

Data showed that the number of people out of work increased by 92,700 sequentially to 2.86 million.

The number of employed people increased 209,100 from a quarter ago to 21.27 million in the third quarter.

Driven by the seasonal factors, job creation in services grew by 138,700. Employment increased 98,800 in industry and by 19,500 in construction but decreased 47,800 in agriculture.

Despite the slight increase in unemployment, the labor market remains in relatively good shape, ING economist Wouter Thierie said. "Slowing economic growth could push the unemployment rate a little higher in the coming period, but structural factors will keep it low," the economist added.

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