Last October, there were 29,489 unemployed people recorded in the Balearic Islands, marking a decrease of 2,126 people (-6.7%) compared to the same period in 2023, according to data from the Balearic Government. The unemployment rate fell especially in Menorca (-9.3%), followed by Mallorca (-7.0%) and Ibiza (-3.2%). Conversely, it rose in Formentera by 5.1%. Across the whole country, unemployment showed a year-on-year decline of 157,350 people (-5.7%).

The Secretary of Labour, Employment, and Social Dialogue, Catalina Cabrer, indicated that the interannual unemployment rate has not been this low in October since 2001. “Unemployment has decreased over the year, despite the fact that the end of the tourist season is now apparent,” she explained. Additionally, the administrative unemployment rate for October was 4.7%, which is 0.5 percentage points lower than the figures recorded a year ago.

Unemployment rises among those under 25 and foreign nationals

In terms of demographics, year-on-year unemployment has decreased among women (-8.3%), those over 25 years old (-8.2%), and Spanish nationals (-8.9%). However, unemployment has risen among those under 25 (+4.8%), as well as EU nationals (+2.1%) and non-EU nationals (+2.3%). Unemployment fell across all sectors, with the most significant decreases in the services sector (-11.4%), industry (-7.9%), and agriculture (-6.2%). Long-term unemployment, defined as those registered for more than 12 months, fell by -8.3%.

From a month-on-month perspective, unemployment rose compared to September by 1,527 people, an increase of 5.5% in relative terms. This increase occurred across all islands, most notably in Formentera (+26.0%), followed by Ibiza (+18.8%), Menorca (+9.6%), and Mallorca (+3.7%). Nationally, data shows a 10% increase in unemployment compared to September. By demographics, unemployment rose from September among women (+5.9%), those under 25 (+13%), and EU nationals (+17.4%).

Record figures in Social Security affiliation

In October, the Balearic Islands again saw record-breaking Social Security affiliation figures, with 603,398 affiliations, reflecting an increase of 19,922 people compared to the same month last year (+3.4%). The Balearic Islands remain one of the regions that generate the most employment year-on-year in October. Nationally, the average annual increase in affiliations was 2.5%.

In this regard, Cabrer expressed satisfaction that the Balearic Islands continue to be among the leading communities in job creation and highlighted the stability of affiliation figures in October, “which indicates that the tourist season has been extended and continues to lengthen,” she noted.

However, comparing October’s figures to those of the previous month shows a decrease of 34,516 affiliations in the Balearic Islands, representing a 5.4% decline. Nationally, affiliation increased by 0.6% from the previous month.