The first quarter of the year is always bad in terms of employment and 2023 is no exception, albeit in moderation. There are 103,800 more unemployed, but in terms of employment it only drops by 11,100 people, which is the least job destruction in the first quarter since 2007.
Going into details, from January to March there are 103,800 more unemployed than in the previous quarter. Unemployment has not increased so much in the first quarter since 2020. In this way, there are already a total of 3,127,800 unemployed people and the unemployment rate stands at 13.26%, according to the Active Population Survey ( EPA) published this morning by the INE.
As far as job creation is concerned, the data is better. It is true that it goes down, but only slightly. There are 11,100 fewer employed persons in this first quarter compared to the previous one, and the total number stands at 20,452,800 people. This job destruction is one of the least that has been recorded in recent years in a first quarter, which, as mentioned, is always bad. Specifically, it is the lowest since 2007.
The start of this year follows a 2022 that has remained a good year in global terms for the occupation, but with a bad ending. It was more or less, both in economic activity and in employment figures. In the whole of last year, the labor market showed its dynamism, close to 20.5 million employed persons. However, in the last three months the slowdown in the economy was paid for, increasing the number of unemployed who ended up surpassing again the psychological barrier of three million unemployed.
The Ministry of Economy indicates that this EPA “confirms the acceleration of employment in the first quarter of the year” and highlights that in the last twelve months, there has been an increase of 368,000 employed persons, reaching almost 20.5 million.
This EPA comes at the end of April in which the economic data of the first magnitude is multiplying. If today the evolution of employment has been known, tomorrow the advanced data of the GDP for April will be known, which will allow us to see if the improvement in growth that analysts are pointing to is confirmed, at least in the first part of the year; and also that of inflation, in which a slight rebound is expected due in large part to the comparison with the same month of 2022. In a matter of CPI, there will be great volatility in these months.
In addition, before Sunday, the Government has to send its stability program to Brussels, with the consequent review of the macroeconomic picture. It currently continues to maintain a growth forecast for this year of 2.1%, well above the 1.5% environment in which most estimates move, and this even after the latest upward revisions.
