The labor market in the Balearic Islands continues to show positive signs in September 2024, with an annual unemployment decrease of 7.3%, surpassing the national average of 5.4%. This reduction places the number of unemployed in the Islands at 27,962, according to data presented by the Government. The president of the Confederation of Business Associations of the Balearic Islands (CAEB), Carmen Planas, emphasized that “September has once again behaved positively, as it did in 2023,” confirming the trend of the extended high season.

The Services sector has been the main driver of this decline, with a 9.6% drop in unemployment, which equates to 2,107 fewer unemployed people compared to September of the previous year. The industry sector also experienced significant improvement, with a reduction of 7.4%. Overall, the total unemployment reduction in the region was 2,192 people compared to the same month in 2023.

Social Security Affiliation

unemployment Balearic Islands September 2024

Photo: Palma City Council.

In terms of Social Security affiliation, growth in the Islands remains at 3.4%, a figure that exceeds the national average of 2.3%. Currently, the number of affiliates in the Balearic Islands stands at 637,914, a figure that reflects employment stability in the region.

Regarding hiring, a total of 31,544 new contracts were signed in September, of which 61% (19,214) were permanent, while the rest (12,330) were temporary.

Carmen Planas also highlighted that “the extension of the high season into autumn, driven by a Services sector that remains fully active, is a sign of the strength of the labor market in the Balearic Islands.” Additionally, the CAEB president underscored the importance of the recent drop in inflation below 2%, considering it a “positive sign” for the economy of the Islands, although she urged caution regarding price developments after the end of some containment measures.

With these figures, the economic and labor outlook for the Balearic Islands remains on a growth path, supported by employment stability that allows for optimism as 2024 draws to a close.