Financial News: Spain Unemployment Increases Marginally In February

Spain Unemployment Increases Marginally In February

03/02/2023 - 07:13:00 (RTTNews)

(RTTNews) - Joblessness in Spain increased marginally in February, suggesting a stable trend in the labor market, the labor ministry said Thursday.

The number of people out of work increased by 2,618, or 0.1 percent, in February from the previous month.

Nonetheless, unemployment totaled 2.91 million in February, the lowest for the month since 2008.

Registered unemployment decreased by 3,868 in the service sector and by 2,399 in industry. In construction, unemployment was down 2,392. Meanwhile, unemployment increased by 1,138 in agriculture.

Compared to February 2022, overall unemployment declined by 200,669 or 6.45 percent.

The youth unemployment increased by 11,862 or 5.83 percent in February from the previous month.

The number of youth registered as unemployed in February totaled 215,366, which was the lowest ever in the month of February.

Flash <a href=https://www.rttnews.com/3347600/eurozone-manufacturing-activity-continues-to-shrink.aspx target=_blank >Purchasing Managers' survey</a> from S&P Global, released Wednesday, showed a recovery in Spain's manufacturing activity with the upturns in production and employment. The manufacturing Purchasing Managers' Index rose to 50.7 in February from 48.4 in January.

As part of expansionary plans, manufacturers added to their workforce for the first time since June last year. Moreover, the rate of job creation was the fastest in almost a year.

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