Spanish Surge in Jobless Claims Started to Ease in May

(Bloomberg) -- The number of Spaniards filing for jobless claims rose in May at a much slower pace than the previous two months, a sign that businesses are getting back to work as Spain gradually lifts its strict lockdown measures.

Claims rose by 26,573, the Labor Ministry said Tuesday. But some sectors saw an increase in hiring, including construction, and there was also a slight uptick in industry.

The figures are still the worst for the month of May since 2008. But they are a notable slowdown from the surge in the previous two months. Total jobless claims have risen by 611,729 since the pandemic hit Spain in March.

The May figures also don’t include the nearly 3 million workers in Spain who have been temporarily laid off. Economists at the country’s central bank expect the jobless rate to reach 22% this year and then gradually fall during the next several years.

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