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The latest report on developments in the labour market published by the Association of Large Temporary Employment Agencies (Agett) and Analistas Financieros Internacionales (Afi) expects employment figures to fall further in early 2010 and then to stabilise in February 2010 at 18.4 million people, the same level as registered in 2005.
The report reveals that 127,000 Spanish companies have gone under since September 2007. This number would double if freelancers were counted in.
Worst hit in the current recession were small and medium-sized companies where almost 500,000 jobs have been lost in the year ending October 2009. This accounts for 64.2% of all jobs lost during that period.
The number of small and medium-sized companies in Spain during the same period fell by 10%. This compares to a figure of 5% for all Spanish companies.