Employment in the third quarter of 2022 stood at 654,100 employed people, according to data from the latest Labour Force Survey (EPA), published today by the INE. This is the highest historical record of employed people in the Balearic Islands, according to the EPA data.

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The figure, explained by the Director General of Economic Model and Employment, Llorenç Pou, means that in this third quarter 43,900 more people have been registered than a year ago, 7.2% more. The Balearic Islands is one of the communities that have created more employment in this third quarter of the year. Compared with the 7.2% increase in the Balearic Islands, the increase in employment in Spain was 2.5%.

Compared to the previous quarter, the number of people in employment increased by 41,700 people, a 6.8% increase compared to the 0.4% increase in Spain. In this way, the Balearic Islands lead the creation of employment between the second and third quarter of the year and one out of every two jobs created is from this Community.

Llorenç Pou has made a “very positive” assessment of the data, since not only are there more workers employed but the recovery is also accompanied by a higher quality of work, where permanent contracts are growing significantly compared to temporary contracts, which continued to fall in the third quarter of the year. Between 2019 and 2022, permanent salaried jobs have increased by 74,800 (20.4% more).

The lowest level of unemployment since 2007

In terms of unemployment figures, the EPA has recorded that in the third quarter there have been 40,200 unemployed people, with a reduction of 31,900 people (44.3%) compared to the same quarter of 2021. In fact, this is the largest year-on-year fall in unemployment in the whole of Spain, which has seen the figure fall by 12.8%.

The reduction in unemployment in the Balearic Islands in this third quarter is the lowest since 2007: you have to go back 15 years to find a third-quarter unemployment figure this low.

The unemployment rate, at 5.8%, reflects the fact that the summer has seen full employment. This is the lowest unemployment rate in the Balearic Islands since the third quarter of 2007 and is the lowest in Spain, which has an unemployment rate of 12.7% in this period, more than double that of the Islands.