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The Spanish unemployment report gave an initial, albeit very incomplete, estimate of the scale of the economic shock in the country, Guillaume Derrien from BNP Paribas put the figures into perspective. 

Key quotes

“The number of jobseekers jumped by 311,037 to 3.444 million (seasonally-adjusted data). This was the biggest monthly increase on record.”

“The April report will probably show a much bigger jump in the number of jobseekers. According to the government, nearly 3 million workers had been furloughed by the end of March.”

“Looking at the number of people making social security contributions indicates a much more significant worsening of the labour market. After seasonal adjustment, the number of contributors fell 976,031 in March.”

“Public finances have improved significantly in recent years, this gives the government some scope to tackle the current crisis.”