• The signing of indefinite contracts reaches its maximum in the historical series in one month with a total of 783,595
• Permanent contracts are 44.3% of the total in a month traditionally prone to temporary hiring
• The number of registered people decreases by 733,757 compared to June 2021, 20.3%
• Unemployment falls in all autonomous communities except Andalusia
• The number of people registered in both sexes decreases

from :forexfactory.com

The number of people registered in the Offices of the State Public Employment Service (SEPE) at the end of June fell by 42,409 in relation to the previous month (-1.45%). Thus, registered unemployment stood at 2,880,582, and remains at the lowest levels since October 2008, the start of the financial crisis.

Compared to June 2021, unemployment has decreased by 733,757 people (-20.3%).

Stable hiring is consolidated

The total number of contracts registered during the month of June was 1,768,988.

Hiring follows the trend of previous months. 783,595 employment contracts of an indefinite nature have been registered, which represent practically one out of every two new contracts (44.3%) in a month marked so far by temporary contracts. Multiply by five the average number of permanent contracts this month.

 


Indefinite contracts for the month of June are divided, in terms of the duration of their working day, into 312,824 full-time, 178,092 part-time and 292,679 permanent discontinuous.

The change in the trend in stable hiring is especially evident in sectors such as agriculture, construction and also favors the younger group.

Unemployment by autonomous communities

Unemployment fell in all the autonomous communities with the exception of Andalusia, where it increased by 6,345 people to a total of 764,802.

Unemployment by sex and age

Female unemployment decreased by 17,167 people (-0.99%) in relation to the month of May and stands at a total of 1,723,815 women, the lowest figure in June since 2009.

Male unemployment stands at 1,156,767, falling by 25,242 men (-2.14%).

If we compare it with June 2021, male unemployment falls by 334,962 (-22.45%) and female unemployment falls by 398,795 (-18.79%).

Unemployment of young people under 25 years of age rose slightly in the month of June by 1,289 people (0.64%) compared to the previous month. Unemployment aged 25 and over fell by 43,698 (-1.60%).

In year-on-year terms, the drop in unemployment among young people under 25 is the steepest.

Unemployment by economic sectors

With respect to May, registered unemployment fell in Services 41,017 people (-1.99%), Industry 7,148 (-3.95%) and Construction 4,981 (-2.15%).

Unemployment increased in Agriculture 8,863 (6.42%) and in the group Without Previous Employment, which increased by 1,874 (0.76%).

Benefits in the month of May

The existing beneficiaries at the end of May were a total of 1,675,407.

Total expenses for May 2022 amounted to 1,591.8 million euros.

The average monthly expenditure per beneficiary, not including the agricultural subsidy of Andalusia and Extremadura, in the month of May 2022 was 973.5 euros.

UK manufacturing slowdown continues as business
optimism dips to lowest level in over two years

Key findings

Output growth slows to near-stagnation pace…
…as new order intakes fall for the first time
since January 2021
Price inflation remains elevated despite
further easing

The slowdown in the UK manufacturing sector continued at
the end of the second quarter, as June saw output growth
grind to a near-standstill pace and new orders contract for
the first time in 17 months. Business optimism dipped to its
lowest since May 2020, as the number of firms expecting
production to rise over the coming year fell to 47% (from 55%
in May).
The seasonally adjusted S&P Global / CIPS UK Manufacturing
Purchasing Managers’ Index® (PMI®) fell to a two-year low
of 52.8 in June, down from 54.6 in May. The PMI has remained
above the 50.0 mark since June 2020.
Manufacturing production rose for the twenty-fifth
consecutive month in June. However, the rate of expansion
was the weakest during the current upturn. Performances
differed widely across the sector. Consumer goods producers
saw a marked downturn in output, while robust expansion
was again registered in the investment goods industry.
June saw intakes of new work decline for the first time
since January 2021. Companies indicated that the weaker
economic outlook, reduced new export order intakes, slower
growth of domestic demand, the war in Ukraine, raw material
shortages and the slowdown in China all contributed to the
reduction in new work received.
The consumer goods and intermediate goods sectors were
hardest hit by the decline in new order inflows. In contrast,
investment goods producers saw new work rise for the fifth
month running.
New export orders contracted for the fifth month running
in June, mainly reflecting the slowdown in China, rising
economic uncertainty, the war in Ukraine and increased
competition. Some firms also noted that ongoing Brexitrelated difficulties and weaker growth had impacted new
order intakes from the EU. New export business declined in
the consumer and intermediate goods industries, and was
unchanged in the investment goods category

source : spglobal.com

GBPUSD has been tip toeing sideways over the past week within the range of 1.2150 – 1.2356, unable to extend its recovery off two-year lows.

The momentum indicators are reflecting a neutral bias as the latest rebound in the RSI has stalled marginally below its 50 neutral mark, while the MACD continues to grow gradually within the negative region and barely above its red signal line.

As regards the market trend though, the picture remains bearish given the lower lows and lower highs formed below the descending trendline. The falling simple moving averages (SMA) are also promoting the negative direction in the market.

A close above the 20-day simple moving average (SMA) and the 23.6% Fibonacci retracement of the 1.3747 – 1.1932 downtrend at 1.2356 could immediately pause around the descending trendline at 1.2465. The 50-day SMA is positioned in the same area. Therefore, another bullish break at this point could confirm an extension towards the 38.2% Fibonacci of 1.2622, where June’s peak is also placed. Should upside pressures accelerate from here, violating the negative trend pattern, the spotlight will shift up to the 50% Fibonacci of 1.2837.

Looking for support levels, the 1.2250 region has been cooling downside forces over the past week. Should that floor collapse, the 1.2150 restrictive region may come to the rescue, preventing a continuation towards the crucial zone of 1.1988 – 1.1932. In case the downtrend resumes below the latter, a new lower low could be formed around 1.1765, taken from March 2020.

In the four-hour chart, the pair keeps trading within a triangle for the second consecutive week.In summary, GBPUSD is holding a neutral-to-bearish status in the short-term picture. Failure to bounce above 1.2356, and more importantly beyond 1.2465, may shift attention back to the downside.

source : https://www.xm.com/research/analysis/technicalAnalysis/xm/technical-analysis-gbpusd-in-wait-and-see-mode-within-downtrend-162716