The unemployment rate in Spain is rising lower than expected.

In August 2024, the number of registered unemployed in Spain increased by 21,884 people (0.9%) compared to the previous month, reaching a record low since 2008 of 2.6 million people.

Analysts had predicted an increase of 34,300 people.

The unemployment rate in Spain tends to rise in August due to seasonal factors.

The registered unemployment rates increased in the service industry by 20,189 people (1.1%), in the construction industry by 4,187 people (2.1%), and in the industrial sector by 2,995 people (1.5%).

On the other hand, the agriculture sector decreased by 2,337 people (-2.6%) and the group of self-employed decreased by 3,150 people (-1.3%).

The unemployment rate among young people under 25 increased by 2,186 people (1.3%) compared to the previous month, reaching a record low of 177,112 people for August.

At the same time, according to another report released by the Ministry of Social Security, Spain had a net increase of 0.03 million (189 people) in regular employment in August and secured employment for 21.2 million people.

Source: Ministry of Health, Labor and Welfare