Employment punishes young people in January: unemployment and the drop in hiring suffer more

The behavior of the labor market in January once again punished the youngest in a more harmful way. Specifically, as highlighted by The Adecco Group Instituteare the ones that suffer the most from unemployment (3.9%) and also the cohort in which job creation slows down the most, with a drop in hiring that is close to 9%.

The center for studies and dissemination of The Adecco Group, analyzes the unemployment data known today. In the words of its director, Javier Blasco: “In the month of January, unemployment rose 70,744 people compared to December, although the evolution compared to a year ago is positive: 214,681 fewer unemployed. There is a usual behavior of affiliation for a month of January: a drop of 1 .1% (215,000 less employed), with an increase of 454.63 affiliates compared to January 2022”.

At the start of the year, the entry into the labor market of young people has seen in the hiring a barrier. In comparison with the average for the rest of the population, young people have seen the signing of contracts drop by 9%, while the total average advanced by almost 4%.

Among those under 25 years of age, youth unemployment has increased, with 7,753 more unemployed than in December, reaching a total of 203,504 unemployed. Even so, the Ministry of Labor has highlighted that 2023 has been the January with fewer unemployed young people in the entire historical series.

All in all, the percentage of unemployed young people continues to lead the European table, being a historic drag on the Spanish labor market. There are more than 200,000 people under the age of 25 job seekers who can’t find a job. On the total, they represent the 3 million unemployed, but youth unemployment means that practically one in three young people did not manage to access a position in January.