In October 2024, the Spanish labor market showed a mixed performance, reflecting both progress and challenges in combating unemployment and strengthening Social Security affiliation. According to official data from the State Public Employment Service (SEPE), registered unemployment rose by 26,769 people compared to the previous month, bringing the total number of unemployed to 2,602,054. This increase of 1.04% is one of the lowest for October since 2006, excluding the pandemic years.
On the other hand, Social Security affiliation showed notable growth, with an increase of 134,307 contributors, reaching a total of 21,332,513 affiliates. This 0.63% growth exceeds the historical average for this month and surpasses the figures from October 2023, when the increase was 0.45%.
Comparison with October 2023
A retrospective view reveals considerable improvement in the labor landscape. In October 2023, unemployment recorded a similar monthly increase, but the total number of unemployed at that time was 2,759,404, approximately 157,350 more than in 2024. This represents an annual reduction in unemployment of 5.7%, marking the lowest level of unemployment since 2007.
In terms of Social Security affiliation, the comparison also favors 2024. Although October 2023 saw increases in employment due to the start of the school year, the 134,307 new affiliates this year surpass last year’s growth, reflecting greater dynamism in key sectors such as education (+15.4%), arts and recreation (+16,193), construction (+11,832), and professional, scientific, and technical activities (+9,834). Conversely, sectors like hospitality (-48,106) and retail (-3,259) continue their seasonal declines, similar to 2023.
Context and Challenges for Human Resources
These figures are not just numbers but key indicators for HR professionals. The annual decline in unemployment and the sustained growth in affiliation point to a more stable labor market with better opportunities. However, the challenge lies in balancing organizational needs with the sectoral and seasonal realities of the market.
Education, the main driver of employment in October, stands out as a key area of growth, highlighting the need for specialized selection strategies to attract talent in this sector. On the other hand, the decline in hospitality and retail requires in-depth analysis to anticipate future needs and provide opportunities for workers affected by seasonality.
For recruitment companies, these changes represent an opportunity to position themselves as strategic allies, helping organizations identify and capture the best talent in an evolving labor market.
Conclusion
The Spanish labor market in October 2024 shows encouraging signs but also highlights the importance of adapting hiring and retention strategies to market realities. The comparison with 2023 reinforces the idea that while significant progress has been made, challenges remain. HR professionals play a crucial role in this process, ensuring companies not only survive but thrive in a competitive and ever-changing environment.
