The Spanish labor market has declined in August. According to data published by the Social Security system, 162,840 fewer contributors were registered, while the number of unemployed people increased by 44,419.
The decline in employment is mainly related to seasonal factors, as August traditionally marks the end of part of the tourist season and the termination of contracts in certain sectors, especially in education.
However, the August figure represents a smaller decline in employment than in any other August since the COVID-19 pandemic, Euronews reported.
On an annual basis, the Spanish labor market has created around 680 thousand jobs.
The drop in employment has also been influenced by the end of the peak tourist season. Spain’s Minister of Labor and Second Deputy Prime Minister, Yolanda Diaz, has described the increase in unemployment as a phenomenon that occurs during the summer months due to the seasonal nature of many jobs.