Bankinter : The number of unemployed increased by 3,170 people in September (after going up 21,884 in August and with 12,000 expected). The number of unemployed now stands at 2.58M (up 0.1% month-on-month and down 5.4% year-on-year).
Seasonally adjusted Social Security enrolled increased to 21.2m (22,220 workers, up 0.1% month-on-month and 2.3% year-on-year).
Opinion of Bankinter’s analysis team: The number of unemployed increased below expectations in September, and below its historical average, a month in which there are traditionally rises due to the end of the summer season (around 22.9 thousand over the last 20 years). The number of SS affiliates remains above 21M for the seventh consecutive month, although the pace of increase continues to slow. The implied unemployment rate is expected to remain at around 10.8% (versus 11.27% in the 2Q 2024 Labour Force Survey).
