HIGHEST RISE IN UNEMPLOYMENT IN HISTORY

HIGHEST RISE IN UNEMPLOYMENT IN HISTORY

02/04/2020 10:59
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Spain has had its highest increase in registered unemployed in its history, with 302,365 having their contracts ‘suspended’ by force majeure in March due to the coronavirus pandemic.
Social Security had also lost 833,979 contributors up until the end of March due to Covid-19, although they managed to maintain the 19 million average contributors, while unemployment soars above 3.5 million in the worst month in history for employment figures.
It is officially the worst figures for the labour market all time, even surpassing the data of the economic crisis in 2008.
It should also be noted that March is usually a good month for employment, since Easter always has a positive effect for an increase in temporary contracts. And this was the case in the first eleven days of the month, before this sanitary crisis had broken out, as almost 65,000 jobs were created, bringing the system to 19.34 million contributors, whereas as of March 31st, the Social Security had 18,445,436 registered workers. It is also important to take into account, that the average number of contributors exceeds 19 million after registering a decrease of 243,469 employees compared to February, representing a 1.26% drop. However, these data do not reflect the effect of the coronavirus.

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