Bankinter: The number of unemployed fell in July by 10,830 people (from 46,780 previously). The number of unemployed now stands at 2.55 million (down 4.8% year-on-year and 0.4% month-on-month). The seasonally adjusted Social Security affiliates remain at 21.17 million people (up 0.01% month-on-month and 2.2% year-on-year).
Analysis: The number of unemployed continues to fall, although the pace is now more moderate. From these levels, it is falling less than is usual for a month of July (the average for the last 20 years is 38,000 unemployed fewer in July). Seasonally adjusted Social Security Affiliates remain practically unchanged, but above 21 million for the fifth consecutive month, which should maintain the support to Consumption. It would imply an Unemployment Rate of around 10.8% (the 2Q 2024 Active Population Survey indicated an Unemployment Rate of 11.27%).
