The Balearic Islands have reached a new record for Social Security enrolment in August 2024, with a total of 652,289 people registered, representing an increase of 19,055 people (3%) compared to the same month last year. Nationally, the increase was 2.3%.

Regarding permanent contracts, the Balearic Islands stand out with 57.9%, significantly surpassing the national average of 37.5%. This figure highlights the strength of the labour market in the region, consolidating it as one of the leading communities in this type of employment.

Catalina Cabrer, Regional Secretary for Labour, Employment and Social Dialogue, stated: “We must highlight the business effort in recruitment, with much lower rates of temporary and part-time contracts compared to the national average. The Balearic Islands show good figures, with a temporary employment rate of 8.5%, while nationally, it stands at 15.6%.”

Decline in unemployment

In August, the number of unemployed people in the Balearic Islands decreased by 2,019 people (-6.7%) compared to last year, reaching 28,112. The decrease is particularly notable in Menorca (-10.8%), Mallorca (-6.5%), and Ibiza (-6.0%), while in Formentera, it increased by 8.2%. Nationally, unemployment fell by 130,579 people (-4.8%), although it rose among those under 25 (+4.3%) and non-EU foreigners (+1.7%).

Unemployment has decreased across all sectors, with significant reductions in hospitality (-10.5%), other services (-9.3%), and industry (-9.2%). However, it has increased among those without previous employment (+4.7%).

Compared to July, unemployment rose by 713 people (+2.6%), particularly in Formentera (+16.5%), Ibiza (+4.7%), Menorca (+4.0%), and Mallorca (+2.3%).

Employment trends

In August, 30,039 new contracts were registered in the Balearic Islands, representing a decrease of 1,095 contracts (-3.5%) compared to the previous year. Employment decreased across all islands except Mallorca (+2.0%). The most significant reductions were observed in Ibiza (-23.6%), Menorca (-12.3%), and Formentera (-1.3%). Contracts particularly declined among women (-5.0%), those under 25 (-8.0%), and EU foreigners (-6.4%). The most affected sectors are construction (-20.5%) and hospitality (-15.9%), while other services saw an increase (+13.2%).

Compared to July, employment decreased by 16,235 contracts (-35.1%), with the largest drops in Ibiza (-49.4%), Menorca (-48.5%), Formentera (-43.5%), and Mallorca (-29.9%). Employment particularly declined among women (-37.6%), those under 25 (-53.3%), and Spaniards (-37.7%). Only agriculture saw an increase (+64.4%).

Self-employed and job seekers

In August, the self-employed regime in the Balearic Islands reached 105,165 affiliates, representing 16.1% of total employment. Although there was an increase of 2,295 (+2.2%) compared to last year, there was a slight decrease of 38 affiliates (-0.04%) compared to the previous month. Nationally, self-employed workers represent 15.9% and have increased by +1.1% since 2023, with a slight decrease of -0.3% compared to July.

The number of job seekers in the Balearic Islands reached 56,110 in August, an increase of 1,393 people (+2.5%) compared to the previous year. This increase was observed across all islands, particularly in Formentera (+28.13%). Compared to July, there was an increase of 1,391 job seekers (+2.6%).

The unemployment benefit coverage rate stands at 44.1%, with a slight increase of 0.3 percentage points compared to last year.