Canary Islands Sees Unemployment Drop by 1,030 in November, Totaling 146,649 Job Seekers

In a positive turn of events for the job market, the Canary Islands reported a decrease in unemployment figures for November, with the total number of job seekers falling by 1,030 to reach 146,649. This decline is a significant indicator of economic recovery and stability in the region, especially as it coincides with the traditionally challenging winter months.

Notable Trends in Unemployment Rates

According to the Ministry of Labour and Social Economy, this reduction represents a 0.7% decline compared to the previous month. Remarkably, this figure marks the lowest unemployment rate for November in the region since 2007. Historical data reveals that since 1996, the Canary Islands have experienced a decline in unemployment during November on 15 occasions, while increases have occurred 14 times, highlighting the cyclical nature of employment trends in the region.

Over the past year, the unemployment rate in the Canary Islands has decreased by 12,236 individuals, reflecting a substantial reduction of 7.7% when compared to November 2022. This year-on-year decline is a promising sign for the local economy, suggesting that job creation efforts and economic policies may be having a positive impact.

Sector-Specific Unemployment Dynamics

When examining unemployment by sector, the Services industry saw the most considerable decline, with a drop of 1,036 individuals, accounting for a 0.89% decrease. This sector is crucial to the Canary Islands’ economy, which heavily relies on tourism and related services. Unemployment also fell among those with no prior employment, decreasing by 66 individuals (0.56%), and in the Industry sector, where it fell by 3 individuals (0.06%).

Conversely, the Construction sector reported an increase of 49 unemployed individuals, representing a rise of 0.39%. Similarly, the Agriculture sector experienced a slight uptick, with 26 additional unemployed individuals, marking a 1.11% increase. These contrasting trends highlight the varying impacts of seasonal employment and economic activity across different sectors.

At the end of November, the Services sector had the highest number of unemployed individuals, totaling 114,832, followed by Construction with 12,492. In contrast, the sectors with the least unemployment included Agriculture (2,359), Industry (5,330), and those with no prior employment (11,636). This distribution underscores the ongoing challenges faced by the Construction sector, which has been grappling with fluctuations in demand.

Demographic Breakdown of Unemployment

Gender-wise, of the total unemployed individuals in November, 84,364 were women, reflecting a decrease of 773 (0.9%), while 62,285 were men, which is a reduction of 257 (0.4%) from the previous month. Youth unemployment, specifically among individuals under 25, also saw a decline, with 319 fewer unemployed individuals than at the end of October, translating to a 3.7% decrease. Among those aged 25 and older, unemployment reduced by 711 individuals, or 0.51%, indicating a broader trend of job recovery across various age groups.

All provinces within the Canary Islands reported a decrease in unemployment, with the most significant reductions occurring in Las Palmas, which saw a drop of 633, and Santa Cruz de Tenerife, which experienced a decrease of 397. This widespread improvement across the islands suggests that local economic initiatives may be effectively addressing joblessness.

In comparison to other regions, the Balearic Islands faced the largest increase in unemployment, with 2,534 more individuals registered. Castilla y León and Navarra also saw increases of 1,035 and 253, respectively. Meanwhile, Andalusia, Madrid, and Catalonia reported the least increases in unemployment, with declines of 6,934, 3,903, and 3,119, respectively. This regional disparity highlights the unique economic challenges and recovery trajectories faced by different areas within Spain.

Analysis of Job Contracts in November

In November, the Canary Islands recorded a total of 64,148 job contracts, reflecting a 1.8% decrease compared to the same month last year. Among these contracts, 27,023 were permanent, indicating a 3.1% decline from November of the previous year, while temporary contracts totaled 37,125, which is a 0.8% decrease. The overall reduction in job contracts raises questions about the stability of employment opportunities in the region.

Of all contracts registered, 57.87% were temporary, an increase from 57.14% in the previous month, while permanent contracts accounted for 42.13%, down from 42.86% the month prior. This shift towards a higher percentage of temporary contracts may reflect ongoing uncertainties in the job market, as employers may be hesitant to commit to permanent hires amidst fluctuating economic conditions.

Key points

• Unemployment in the Canary Islands fell by 1,030 in November, totaling 146,649 job seekers.
• This is the lowest unemployment figure for November since 2007.
• Year-over-year, unemployment decreased by 12,236 individuals, a 7.7% reduction.
• Services sector saw the largest drop in unemployment, down by 1,036 individuals.
• Youth unemployment decreased by 319 individuals, or 3.7%.
• All provinces in the Canary Islands reported a decline in unemployment rates.
• A total of 64,148 job contracts were registered in November, a 1.8% decrease from last year.