Skip to content
Economics
Jobs

Economic Slowdown Starts to Weigh on Spain’s Stellar Job Market

Spain created fewer jobs in third quarter that during the same periods in the two previous years, a first sign that the job market is cooling after an impressive post-pandemic recovery. Unemployment rose slightly to 12.7% in the July to September period, according to data released by the statistics institute on Thursday. 

“The third-quarter performance was much worse than last year’s, and worse than we would expect in a good economic year, which indicates clear signs of a slowdown,” said Valentin Bote, head of Randstad Research in Madrid. ING economist Wouter Thierie expects the unemployment rate to rise to 14.3% in the third quarter of 2023 as the economy loses steam.