Unemployment in October falls to 2006 levels and stands at 34,900 unemployed, 32.8% less than a year ago, and the sharpest fall in the whole country.
Social Security enrolment in the Balearic Islands in October reached a new all-time high for the month, with 557,781 people registered as Social Security affiliates, and has now accumulated twelve consecutive months, one year, of historic records in year-on-year enrolment.
Thus, the islands continue to lead job creation in Spain in year-on-year terms. Specifically, the increase in enrolment with respect to last year was 8.4%, the highest in Spain as a whole, which, on average, grew by 3%.
The Councillor for Economic Model, Tourism and Employment, Iago Negueruela, today presented the enrolment and unemployment data for October together with the Director General for Economic Model and Employment, Llorenç Pou, and confirmed that the good performance of the labour market corroborates the lengthening of the tourist season. He also stressed that a closer look at the performance of enrolment in October shows that in the second half of this month there were 43,000 more workers than in the same month of 2019, and “this is unprecedented, it has been the second half of October with a lot of activity”.
Compared with September, enrolment fell by 33,627 people, a usual decline at this time of year, linked to the temporary nature of the activity.
October. The trend towards permanent hiring as the norm continues
Analysing the data on the quality of employment, for the seventh consecutive month the percentage of new permanent contracts is high, consolidating the change in the Balearic labour market scenario, with a new paradigm in which permanent contracts are now the norm. Thus, in just one year, the number of permanent contracts has risen from 16.8% in October 2021 to 58% in October 2022. The situation of permanent contracts in Ibiza (76%) and Formentera (74%) stands out.
This means that the temporary employment rate has fallen considerably, from 33.4% in September 2019 to 10.7% in September 2022, bringing this rate into line with EU-27 records.
Unemployment falls by 32.8% to 34,900 unemployed persons
In the month of October, 34,900 people were registered as unemployed, the lowest figure in the last 16 years for this period, representing a fall of 32.8% compared to a year ago. This is the sharpest decline in the whole of Spain, which reduced unemployment by 10.5%. Unemployment also fell compared to the previous month by 1,954 people, 5.3% less than in September.
All in all, the administrative unemployment rate is once again at full employment, standing at 5.9%, the lowest rate ever recorded in the Islands, compared to 12.5% nationally.