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High labour market dynamism in 2021
The positive seasonality of affiliation in the region in the last quarter of the year has allowed the December
figure to mark the third consecutive record high. This momentum has enabled the year 2021 to close with
year-on-year growth of 5%, thus surpassing pre-pandemic levels. It continues in January 2022.
The accelerated fall in unemployment in the second part of 2021 has contributed to a year-on-year
reduction of more than 15% (2022 starts with a reduction of 19% YoY). This improvement is also evident in
the unemployment data, with a reduction during the year of 3.4 p.p. to 10.1% (lower than the national
average of 3.2 p.p.).
Registered unemployment and Social
Security Affiliations (YoY %)
Unemployment Rate
Community of Madrid and Spain
30
30
20
20
10
10
3.4
18.1
0
1.3
-4.4
-10
-20
-30
20192020
dec-20
Source: MISSYM and MTYES
18.0
16.3
16.1
16.0
16.0
15.3
15.3
14.4
14.6
14.0
13.3
13.5
13.3
12.6
12.2
12.1
11.8
12.0
10.6
Affiliation
10.1
10.0
5.3
8.0
6.0
Registerd
Unemployment
4.0
-19.0
2.0
0.0
apr-21
aug-21
jan-22
Q120
Q220
Q320
Q420
Q121 Q221
Q321
Q421
Source: EPA, INE
■C. of Madrid
■ Spain
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