The latest figures from the Ministry of Employment showed that in June the number of unemployed fell by 46,783 people (-1.79% m/m), to 2,561,067 people (the lowest value since August 2008), while economists had expected a drop of 50,900. On an annual basis, the number of unemployed decreased by 127,775 people or by 4.75%.
Compared to May, the number of unemployed decreased across all surveyed sectors, led by services (-37,025 people), followed by industry (-4,388), construction (-2,954), and agriculture (-267).
Unemployment among women fell by 24,680 or -1.57%, to 1,546,204 (the lowest value since 2008), while unemployment among men decreased by 22,103 or -2.13%, to 1,014,863. Unemployment among youth under the age of 25 fell by 3,939 people or 2.20% compared to May.
Last month, the International Monetary Fund raised its growth forecast for the Spanish economy this year by half a point to 2.4%, although it also warned that inflation is relevant to moderate and that sluggish investment and rigidities in the labor market could weigh down developments in the medium term. "Private consumption is expected to strengthened as the household savings rate normalizes gradually and real wage income continues to increase steadily," the IMF said.