Spain’s rate of unemployment likely to have dropped in May

Recent indicators of the Spanish labor markets have hinted at a decelerating momentum from 2015. This trend is expected to be affirmed by the number of unemployed people in May. But the number of unemployed people is still expected to have dropped by 71.2k given favorable seasonal factors and solid economic growth, noted Societe Generale in a research report. However, the decline since the start of the year should reach just 150k as compared with 230k in May 2015.

Hence, the number of unemployed should decline lower than the four million mark for the first time since 2010, said Societe Generale. But still there are two million more people unemployed than before the financial crisis. Furthermore, the high duality of Spain’s labor market is worrisome, added Societe Generale.