According to the Labor Force Survey (EPA), this decline is the most significant for a second quarter since 2010, excluding the 2020 period impacted by the pandemic. Despite this figure, the market maintains a solid foundation with over one million people currently working in the archipelago.
The employment adjustment has been concentrated primarily in the services sector, which lost 24,400 workers due to lower seasonal tourism activity between April and June. The industrial sector also recorded a decline, albeit with less intensity.
“"We are not talking about a change in trend, but a normalization of the labor market after a period of extraordinary job creation."
In year-on-year terms, the trend remains positive with 13,500 jobs created over the last year, driven mainly by the private sector. The unemployment rate currently stands at 11.6%, representing an increase of two-tenths of a percentage point compared to the previous quarter.
The Chamber of Commerce emphasizes the need to address structural challenges, such as training and professional requalification, to improve productivity and the competitiveness of the Canarian economy in the coming months.
