STORY: Spain's new employment record indicates healthy job market, says economist
SHOOTING TIME: Oct. 29, 2024
DATELINE: Oct. 30, 2024
LENGTH: 00:02:25
LOCATION: BARCELONA, Spain
CATEGORY: ECONOMY/SOCIETY

SHOTLIST:
1. various of people working in Spain
2. SOUNDBITE 1 (Spanish): JAVIER VAZQUEZ, Associate professor of economics at the University of Barcelona
3. various of workers in sectors such as food, catering, construction or meat industry
4. SOUNDBITE 2 (Spanish): JAVIER VAZQUEZ, Associate professor of economics at the University of Barcelona
5. various of people working
6. various of street views in Spain

STORYLINE:

Spain's new employment record indicates that the country's job market is in "very good health," though wages remain low due to the high number of job seekers, a specialist on the Spanish labor market told Xinhua in an interview on Tuesday.

According to the National Institute of Statistics (INE), employment in Spain -- a country with a population of 48.7 million -- has reached a new high, with 21.8 million people currently employed, as reported last Friday.

Despite the unemployment rate falling to its lowest level since 2008, Javier Vazquez, an associate professor of economics at the University of Barcelona, said at least 11.2 percent of the active population, or over 2.75 million people, are still seeking employment, which is keeping salary levels low.

SOUNDBITE 1 (Spanish): JAVIER VAZQUEZ, Associate professor of economics at the University of Barcelona
"Even though the labor market is improving and is in good health, there's still unemployment and still people who can enter the labor market, and that means that the upward pressure on salaries is countered by there also being many people who are willing to work."

While the labor market is improving and generally in good health, persistent unemployment means many job seekers are still waiting to enter the workforce, which reduces upward pressure on wages, Vazquez told Xinhua.

The INE's figures also revealed an increase in both fixed-term and permanent contracts.

SOUNDBITE 2 (Spanish): JAVIER VAZQUEZ, Associate professor of economics at the University of Barcelona
"The number of workers in permanent employment has grown and there are now more workers with fixed-term contracts and fewer with temporary contracts, and so we can say that there is also more stability in the labor market."

SOUNDBITE 3 (Spanish): JAVIER VAZQUEZ, Associate professor of economics at the University of Barcelona
"The labor market will continue to be dynamic, and even though there are certain sectors, such as the tourism sector, where growth is probably reaching its maximum limit, the market will continue to grow."

Elma Saiz, minister of inclusion, social security and migration, expressed satisfaction with the employment figures, noting that 68 percent of Spain's working-age population is currently employed.

Over the past year, unemployment has decreased by 140,400 people, or 4.8 percent, while 376,600 jobs have been created. Employment rates have now risen for 18 consecutive quarters.

Catalonia in the northeast recorded the largest increase in employment, while Valencia in the east saw the most significant job losses.

Xinhua News Agency correspondents reporting from Barcelona, Spain.
(XHTV)