A new record that represents an increase of 3.4% compared to the same period in 2023.
Compared to September, employment fell by 34,516 persons (-5.4 %).
In October, 29,489 persons were registered as unemployed, which represents a decrease of 2,126 persons (-6.7 %) compared to last year.
The administrative unemployment rate was 4.7%, 0.5 points lower than a year ago.
In the month of October, the Balearic Islands once again recorded historical figures for Social Security enrolment, with 603,398 new registrations, which implies an increase of 19,922 people compared with the same month a year ago (+3.4%). The Balearic Islands were among the territories that generated the most employment in year-on-year terms in October. In Spain as a whole, the average annual increase in registrations was 2.5%.
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The Balearic Islands registered 603,398 new registrations in October, another historic figure boosted by the lengthening of the tourist season
A comparison of the October data with those of the previous month shows a decrease of 34,516 registrations in the Balearic Islands, i.e. 5.4% less. In Spain as a whole, enrolment grew concerning the previous month by 0.6%.
A comparison of the October data with those of the previous month shows a decrease of 34,516 registrations in the Balearic Islands, i.e. 5.4% less. In Spain as a whole, enrolment grew by 0.6% in the previous month.
The regional secretary for Labour, Employment and Social Dialogue, Catalina Cabrer, welcomed the fact that the Balearic Islands continue to be among the leading regions in job creation and highlighted the stability shown by the enrolment figures for October, ‘which indicates that the tourist season has lengthened and continues to lengthen’, she said.
With regard to unemployment, 29,489 people were registered as unemployed in the Balearic Islands in October compared to a year ago, representing a decrease of 2,126 people (-6.7%). Unemployment fell above all in Menorca (-9.3 %), followed by Mallorca (-7.0 %) and Eivissa (-3.2 %). On the other hand, it rose in Formentera by 5.1 %. In the state as a whole, unemployment has fallen in year-on-year terms by 157,350 people (-5.7%).
Cabrer indicated that since 2001 there has not been a lower year-on-year unemployment rate for October. ‘Unemployment has fallen in one year, even though the tourist season is already coming to an end,’ he explained.
The administrative unemployment rate in October was 4.7%, 0.5 points lower than a year ago.
By group, unemployment is down among women (-8.3 %), the over 25s (-8.2 %) and Spaniards (-8.9 %) compared with a year ago. On the other hand, unemployment rose among the under-25s (+4.8 %), EU foreigners (+2.1 %) and non-EU nationals (+2.3 %). Unemployment fell in all sectors and most significantly in other sectors and services (-11.4 %), industry (-7.9 %) and agriculture (-6.2 %). Long-term unemployment among those registered more than 12 months ago fell by -8.3 %.
On a month-on-month basis, unemployment rose compared to September by 1,527 persons, +5.5 % in relative terms. This increase occurred on all the islands, especially on Formentera (+26.0 %), followed by Eivissa (+18.8 %), Menorca (+9.6 %) and Mallorca (+3.7 %). In Spain as a whole, the data show an increase of 10 % in unemployment concerning September.
By group, unemployment increased among women (+5.9 %), under-25s (+13 %) and EU foreigners (+17.4 %).
The unemployment protection rate for October stands at 47.4%, two points higher than that recorded in October 2023.
Hiring
In October, 29,041 new contracts were registered in the Balearic Islands, 2,036 fewer if compared with the same month a year ago (+7.5 %). From this perspective, hiring increased on all the islands except Menorca (-12.1 %) and rose in Formentera (+23.2 %), followed by Mallorca (+9.4 %) and Eivissa (+5.4 %). In this range, recruitment increased in all sectors except agriculture (-15.2 %).
If we compare the hiring data with September, we observe a drop of 2,503 contracts, -7.9 %. This drop occurred in Mallorca (-8.5 %), followed by Eivissa (-6.9 %), and Menorca (-4.6 %), but increased in Formentera (+10.1 %). By groups, hiring in this category fell most among women (-10.8 %), those under 25 years of age (+12.4 %) and among EU foreigners (+11.4 %). By sector, month-on-month hiring falls in hotels and catering (-25.4 %), in other services (-9.6 %) and rises in construction (+21.5 %) and industry (+21 %).
In terms of the percentage of permanent contracts out of the total in this category, the Balearic Islands continues to lead the ranking by autonomous communities, with 61.3% of permanent contracts compared to the national average of 43.5%.
Self-employed
The self-employed regime in the Balearic Islands totalled 104,042 people affiliated in October, a figure that represents 17.2% of total registered employment. The number of people who have chosen this type of affiliation increased by 2,470 compared with a year ago (+2.4%) and fell by 1,037 (-1%) compared with the previous month.
Job seekers
The number of job seekers in the Balearic Islands in October was 73,180 persons, which represents a decrease of 1,035 job seekers (-1.4%) compared with October 2023. The number of job seekers fell on all the islands, except in Formentera, where it rose by +0.6 %. In Menorca, this figure fell by -2.3 %, in Mallorca by -1.4 % and in Eivissa by -0.8 %.
With respect to the month of September, the number of job seekers on the islands increased by 16,842 persons (+29.9 %). Job seekers increased the most in Eivissa (+83.5 %), followed by Formentera (+67.1 %), Menorca (+48.4 %), and Mallorca (+20.7 %).
Finally, the unemployment benefit protection rate for all claimants in October stood at 44.1 %, which is four points higher than the protection rate for the same month a year ago.