Economics
Spain Sees 49% Drop in Furloughed Workers Since Lockdown Peak
- Average of 178,000 workers are exiting the program every week
- Data show recovery is gradually gathering pace post-lockdown
Customers sit outside under a covered terrace at a restaurant at Barceloneta beach in Barcelona, Spain, on June 28.
Photographer: Angel Garcia/BloombergThis article is for subscribers only.
An average of 178,000 workers have been exiting Spain’s furlough program every week to return to their jobs, a sign that the economic recovery is slowly gathering pace in a country that’s expected to suffer one of Europe’s deepest recessions this year.
The daily exodus has accelerated as authorities gradually lifted a strict nationwide lockdown that crippled Europe’s fourth-largest economy. There were around 1.75 million workers in the furlough scheme as of July 1, Social Security Minister Jose Luis Escriva said, a decline of almost 50% from the 3.4 million enrolled at the height of Spain’s confinement at the end of April.