Spain's unemployment rate falls to 21.18 pct in 3Q

Spain's unemployment rate fell to 21.18 percent in the third quarter of the year, according to data of the Inquest into the Active Population (EPA) published on Thursday by Spain's Statistical Office (INE).

The fall meant that 298,200 fewer people were out of work in Spain between July and September, leaving the total number of unemployed people at 4,850,800. On a year-on-year basis, unemployment fell by 576,900 people, a 10.63 percent fall.

Spain's Minister of Economy and Competitiveness, Luis de Guindos, said the data was better than expected. "This is the biggest fall in unemployment in 12 months," he highlighted. De Guindos said the data was "positive and encouraging" but warned that there was still a lot to do.

On the other hand, the INE said that labor force has decreased by 116,000 people to a total of 22,899,500.

Employment increased by 210,200 people in the services sector due to the tourist peak season when businesses need to take on more workers to face demand. Spain is on the path to break a new record high in the number of international arrivals this year.

Employment also increased in the industry sector by 13,100 people, while falling by 30,900 and 10,300 people in the agriculture and construction sectors respectively.

The number of people with indefinite contract fell by 18,900 in the third quarter, while those with temporary contract increased by 205,500.

The INE also said that households with all their members unemployed fell by 84,600 to 1,572,900 in the third quarter, while falling by 216,500 over the last 12 months.

The Ministry of Economy stated that this year the fall in the number of unemployed people would hit a record high. Endit