Concerning the previous month, unemployment data fell by 1.8%.

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The Balearic Islands recorded a year-on-year increase of 3.15% in Social Security registrations

Social Security registrations fell by 1.5% compared to the previous month.

The administrative unemployment rate for January is 6.3%, one point below the data recorded one year ago.

The affiliation to Social Security in the Balearic Islands during January was 466,041 registrations, which means an increase of 14,226 people affiliated in comparison with January 2023, an increase of 3.15%. In Spain as a whole, the number of registrations concerning January of the previous year increased by 2.6%. The Balearic Islands are thus among the three autonomous communities that generated the most employment in the first month of the year concerning January 2023.

In month-on-month terms, the territory shows a decrease of 6,871 persons registered with Social Security (-1.5%). In Spain as a whole, enrollment also fell in December (-1.1%).

Regarding the self-employed regime, the islands registered 96,209 affiliates in January, 20.6% of total employment. Thus, the number of self-employed workers grew by 1,976 persons (+2.1%) compared to the figures of a year earlier. On the other hand, if we compare the number of self-employed new registrations in January 2024 with the previous month, we observe a decrease in the number of self-employed workers in January 2024.

The number of new hires decreased by 859 (-0.9%) compared to the previous month.

Hiring

In January, 21,683 new contracts were registered in the Balearic Islands, 331 more than a year ago (+1.6%). Hiring rose in Formentera (23.1%) and Mallorca (3.8%), but fell in Menorca (-12.3%) and Eivissa (-5.1%). In month-on-month terms, hiring experienced an increase of 4,816 contracts, which is 28.6% more. This increase is more noticeable in the Pitiüses: in Formentera 71.9% and in Eivissa 56.1%. In Mallorca, the inter-monthly hiring rises by 26.1% and in Menorca by 5.1%.

Unemployment

The number of unemployed people in the Balearic Islands has decreased during the month of January both year-on-year and month-on-month. Thus, unemployment shows a fall of 12.5% with respect to January 2023, the highest in Spain, and 1.8% if we compare the data with the previous month.

Specifically, the number of unemployed people in the Balearic Islands during the month of January was 31,127 people, which shows a decrease of 4,427 people with respect to January 2023 (12.5%). By islands, unemployment fell in Mallorca -12.5%, in Menorca -10.6%, in Eivissa -14.4% and remained stable in Formentera (0.0%). The Balearic Islands stand out as the autonomous community where unemployment fell most sharply in year-on-year terms. In Spain as a whole, unemployment in January compared to the same month in 2023 was 140,537 people (-4.8%).

By groups, the greatest decrease in unemployment in January with respect to the same month of the previous year occurred among women (-13.4%), those over 25 years of age (-13.7%) and Spaniards (-13.2%). Unemployment fell in all sectors, although more significantly in hotels and catering (-16.4%) and agriculture (15.4%).

Compared to the previous month, unemployment recorded a drop of 1.8%, which translates into 582 people. The inter-monthly data show a decrease in unemployment on all the islands: Formentera -21.7%, Eivissa -4.1%, Menorca -1.8% and Mallorca -1.5%. In comparison with the whole of Spain, the data show an increase of 2.2% in unemployment compared to last month. In this category, unemployment in the Balearic Islands fell above all in men (-2.8%), those under 25 years of age (-5.3%) and foreigners from the EU (-4.4%). Unemployment falls mainly in the hotel and catering industry (-5.9%) and agriculture (-4.5%).

The administrative unemployment rate for the month of January is 6.3%, one point below the data recorded a year ago.

Job seekers

The number of job seekers on the islands in January was 133,714 people, which represents an increase of 980 applicants (+0.7%), compared to January 2023. By islands, job seekers increased in Mallorca (+0.6%) and Menorca (+3.2%) and decreased in Eivissa (0.3%) and, above all, in Formentera (+4%). With respect to December, the number of job seekers on the islands fell by 656 (-0.5%). This fall occurs in all the islands, especially in Formentera (-6.9%), followed by Eivissa (-2.2%), Menorca (-0.7%) and Mallorca (0.0%).