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The latest Labour Market Monitor published today by the Association of Large Temporary Employment Agencies (Agett) and financial analyst Afi forecasts that the rate of job losses will fall to 1.1% in July and employment will reach its 2010 peak of 18.7 million, a similar figure to October 2009.
However, the public spending cuts and the increase in Value Added Tax will curb consumption and investment in the second half of the year.
Temporary hirings represented 90.8% of all hirings in May 2010 due to very stringent laws on the protection of permanent workers, which have only recently been reduced.
The ratio of social security contributors to social security recipients has fallen from two contributors per recipient to less than 1.5 contributors per recipient in the first four months of 2010, which has put the sustainability of the welfare state at risk.
To read the full Labour Market Monitor in Spanish language please click here