Home > Uncategorized > Graphs of the day. Job growth in Spain. Two graphs.

Graphs of the day. Job growth in Spain. Two graphs.

Spanish job growth in 2014 was high in a comparative as well as in a historical perspective (graph 1) and, after the ‘Great Depression’ sized decline in employment caused by the financial crisis and the housing bust, of course very welcome (source: Eurostat). Job growth seems to be fairly balanced. Manufacturing (including utilities) and the ‘broad’ government sector (including health and education, which, though partly private, are always and everywhere heavily influenced by public arrangements and finance) added about 100.000 jobs (graph 2). The big winner was the leisure sector (tourism, hospitality, recreation, arts etcetera). Agriculture did bad. Will Brussels agree with an increasing number of ‘broad government’ jobs? According to neoclassical macro models popular in Brussels and Frankfurt, government health and education jobs add nothing of value…

Spanje1
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Spain2

 

I do not understand fast job growth in manufacturing (over 4%), which does not square with very moderate manufacturing output growth. Mind that, according to Brussels, the projected Spanish 2014 government deficit is -5,6% against -2,5% for Greece while the Spanish current account is expected to have deteriorated in 2014, this contrary to the Greek current account.

  1. Ignacio
    April 9, 2015 at 11:08 am

    I wouldn’t say that growth employment is balanced when the sector adding most jobs is leisure. Regarding your question about manufacturing jobs the answer must be hidden within the data. Don’t be fooled by high numbers of workers. In this case we should look at total hours worked to determine if there is such improvement. I don’t know if eurostat gives total manufacturing working hours.

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