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06 Apr 2021 | 09:03

Spanish unemployment drops by most in March since 2015

(Sharecast News) - The number of unemployed people in Spain fell by more than expected last month as Covid-19 lockdown restrictions were gradually lifted across the country. According to the Labour ministry in Madrid, which is also known as INEM, in non-seasonally adjusted terms, the total number of unemployed dropped by 59,149 or 1.5% in March to reach 3,949,640 people.

It marked the largest decrease in employment for that same month since 2015 and the third largest March decline on record.

The ministry linked the improvement to the reduction in Covid-19 restrictions in Spain after the third wave of the ongoing pandemic had subsided.

Nevertheless, March's decline followed five straight months of increases.

More importantly, neither did it include workers still on the government's furlough scheme, which were officially still classified as employed.

Services, Construction and Manufacturing registered the largest drops in unemployment.

In parallel, there were 1,404,107 new hires during the month, for a 11.7% year-on-year rise, 14.7% of which were taken on as staff, the largest March increase ever.
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