# Spain’s labour market resilient as unemployment drops in Nov Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2022-12-02 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Spanish economy shows resilience with falling unemployment Meta Description: Official data shows unemployment decrease, job creation in Spain. Strong labour market despite slow economy. Tourist numbers surge. Positive signs for avoiding URL: https://financedigest.com/spains-labour-market-resilient-as-unemployment-drops-in-novhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2022-12-02t085011z1lynxmpeib10cfrtroptp4spain-economy-unemployment-1736814781603-compressed.jpg) MADRID (Reuters) -Unemployment fell and net jobs were created in November in Spain, official data showed on Friday, reflecting strength in the labour market despite a slowing economy. The figures follow other recent data showing a slight easing of inflation and better than expected retail sales, raising hopes that Spain could eventually avoid slipping into a recession this winter, which has been forecast by all major analysts. Tourist numbers also surged in October, separate data showed on Friday. The number of people registering as jobless in Spain fell by 1.2% in November from a month earlier, or by 33,512 people, [data from the Labour and Social Security](https://www.financedigest.com/assurance-v-security-reassessing-responsibility-for-data-assurance.html "Assurance v Security: Reassessing Responsibility for Data Assurance") Ministries showed. That left a total of 2.88 million people out of work, the [lowest in a month of November since](https://www.financedigest.com/uk-mortgage-approvals-hit-lowest-since-june-2020.html "UK mortgage approvals hit lowest since June 2020") 2007. [Spain added 78,695 net formal jobs during the month to 20.32 million](https://www.financedigest.com/ride-hailing-app-cabify-raises-110-million-for-expansion-in-latam-spain.html "Ride-hailing app Cabify raises 0 million for expansion in LatAm, Spain") jobs, according to seasonally-adjusted data, making it the 19th month of job creation in a row, a separate report from the Social Security Ministry showed. BBVA [Research on Thursday upgraded its forecasts](https://www.financedigest.com/nitrate-free-bacon-market-industry-research-segmentation-key-players-analysis-and-forecast-to-2029.html "Nitrate-Free Bacon Market Industry Research, Segmentation, Key Players Analysis and Forecast to 2029") for Spain, with the economy expected to grow by 4.6% in 2022, in line with the latest IMF forecast. By 2023, analysts [expect growth](https://www.financedigest.com/contract-caterer-compass-expects-2023-profit-growth-to-top-20.html "Contract caterer Compass expects 2023 profit growth to top 20%") to be above 1%, while the Spanish government expects 2.1%. October [retail sales](https://www.financedigest.com/uk-retailers-turn-positive-on-sales-hopes-after-bleak-winter.html "UK retailers turn positive on sales hopes after bleak winter") data released this week also showed better than expected consumer spending, accompanied by a slowdown in inflation to 6.6% in November. Historically, [November is a bad month](https://www.financedigest.com/netflix-ad-supported-plan-to-launch-in-november-at-7-a-month.html "Netflix ad-supported plan to launch in November at a month") for employment in the Mediterranean nation, because it marks the end of the tourist season. But foreign visitors data continued to show signs of strength in the autumn, accelerating a recovery in the sector to [pre-pandemic levels](https://www.financedigest.com/fraport-sees-2023-passenger-traffic-at-80-90-of-pre-pandemic-levels.html "Fraport sees 2023 passenger traffic at 80-90% of pre-pandemic levels"). The number of foreign tourists visiting Spain in October soared 39% from the same [month last](https://www.financedigest.com/monkeypox-emergency-could-last-months-with-window-closing-to-stop-spread-experts-say.html "Monkeypox emergency could last months, with window closing to stop spread, experts say") year to 7.18 million, albeit lower than the 7.59 million tourists who visited in October 2019, official statistics showed on Friday. The fewer tourists are spending about the same as in 2019, up to 8.30 [billion euros](https://www.financedigest.com/telecoms-group-orange-signs-sustainability-linked-refinancing-of-6-billion-euros-syndicated-credit-facility.html "Telecoms group Orange signs sustainability-linked refinancing of 6 billion euros syndicated credit facility") ($8.73 billion). Employment is particularly strong for technical jobs, which the government says is related to the deployment of [European recovery funds](https://www.financedigest.com/explainer-why-european-money-market-funds-inflows-are-lagging-behind-the-u-s-torrent.html "Explainer-Why European money market funds inflows are lagging behind the U.S. torrent?"). (Reporting by Joao Manuel Mauricio in Gdansk and Belén Carreño in Madrid, editing by Inti Landauro and Susan Fenton) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---