Unemployment falls 24,573 in November, the second largest drop in this month excluding the pandemic crisis

In relative terms, unemployment fell 0.89%.

This is the second sharpest fall in unemployment in a November, if the exceptional nature of the pandemic period is excluded.

As a result, registered unemployment stood at 2,734,831, the lowest figure for a November since 2007.

Unemployment fell 146,549 people (-5.09%) compared to November 2022.

In seasonally adjusted terms, registered unemployment fell by 34,785 people.

Unemployment by sector

Unemployment fell in all economic sectors in November: in Services by 17,335 people (-0.88%), in Industry by 2,654 people (-1.22%), in Agriculture by 2,175 people (-2.13%), in Construction by 1,072 (-0.51%) and in the group Without Previous Employment by 1,337 (-0.53%).

Unemployment by sex and age

In November, female unemployment fell particularly sharply, with 15,962 fewer unemployed women (-0.96%), bringing the total to 1,645,093.

The total number of unemployed women is the lowest since 2008 in a November.

Male unemployment stood at 1,089,738, a decrease of 8,611 men (-0.78%).

Compared to November 2022, female unemployment fell 82,466 (-4.77%) and male unemployment by 64,083 (-5.55%).

Unemployment of young people under 25 fell in November by 5,588 people (-2.64%) compared with the previous month.

The total number of unemployed young people under 25 stood at 205,979, the lowest for a November in the historical series.

Unemployment by autonomous community

Registered unemployment in November 2023 fell in 8 autonomous communities. In absolute terms, the sharpest falls were in Andalusia (-8,852), the Community of Madrid (-6,753) and the Valencian Community (-5,111).

In relative terms, it fell most in Extremadura (-2.4%), the Community of Madrid (-2.2%) and Galicia (-1.6%).

Contracts

The total number of contracts recorded for the month of November was 1,356,293, of which 562,466 were permanent contracts, representing 41.47% of all contracts, establishing stability in the labour market

The total number of temporary contracts recorded in November is the lowest since data have been available for this month.

Unemployment benefits in October

The number of beneficiaries at the end of the month was 1,736,502, similar to the same month in the previous year.

The coverage rate rose to 67.6%, its highest level since 2011.

The average monthly expenditure per beneficiary, excluding the agricultural subsidy in Andalusia and Extremadura, in October was €1,073.10, which represents an increase of €71.40 (7.1%) over the same month the previous year.

Total benefit spending in October 2023 was 1.822,5 billion euros.

Unemployment contributions are growing significantly due to the improvement in the quality of employment and are expected to reach an all-time high in 2023: 27.3 billion euros.

Spending on unemployment benefits is estimated to end the year at 21.6 billion euros.

The estimated balance between revenue from unemployment contributions and benefit payments will peak in 2023 at 5.702 billion euros, surpassing the previous year's surplus and breaking the record for two consecutive years.

The pandemic crisis ended with a budget deficit of 16.087 billion euros compared to a negative balance of 76.340 billion euros during the financial crisis.

Non official translation