Data from the National Statistics Institute (INE) showed that the unemployment rate continued to rise in the 4th quarter, reaching 12.87%. In the third quarter, the unemployment rate was 12.67%. Economists had expected unemployment to fall to 12.5%. However, the unemployment rate remains below the 13.78% recorded in the last quarter of 2019, before the coronavirus pandemic broke out.
INE also stated that in the 4th quarter the number of unemployed increased by 43,800 people, to 3.024 million people. Meanwhile, the number of employed persons decreased by 81,900 or 0.4% compared to the 3rd quarter, to 20,463,900. In seasonally adjusted terms, the quarterly quarterly variation is -0.01%. Employment has grown by 278,900 people (1.38%) in the last 12 months.
Economists note that today's data does not bode well for the GDP report for the 4th quarter, which will be released tomorrow, although Prime Minister Sanchez recently said that the country's economy grew faster than expected in 2022 - by 5%.