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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
SpainSpain Employment Change climbed to -28.7K in June 2026
FMPMonthlyReleased July 2026
Spain Employment Change climbed to -28.7K in June 2026, released July 2026, up 7.62K from May's -36.32K reading. The print exceeded the -40.8K consensus by 12.1K. Employment Change has now risen for 3 consecutive months. Over the past 3 months, Employment Change averaged -40.63K, vs 5.89K in the prior 3-month window. The reading is in the 26th percentile of the trailing 24-month range.
Latest Release
-28.7
Actual
-40.8
Consensus
-36.323
Previous
Median Absolute Error
±21.5 thousand
across last 12 releases
Last Call
Jul 2026
Predicted: -30.55
Actual: -28.7
Error: -1.85
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| S&P 500 | ▼ Inverse | −0.79 | INDEX | Moves against | → View |
| GBP/USD | ▼ Inverse | −0.30 | FOREX | Moves against | → View |
| BTC/USD | ▼ Inverse | −0.26 | CRYPTO | Moves against | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Employment Change (Spain) was reported at -29 thousand in July 2026. This beat the market consensus of -41 thousand by 12 thousand. The reading rose from the previous value of -36 thousand. Trailing 12-month context per ETL data through July 2026. Over the past 12 months, the indicator has averaged -3 thousand, ranging from -36 thousand to 30 thousand across 10 releases. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged -20 thousand, down from the prior three at -2 thousand.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with S&P 500 (Bearish S&P 500). A secondary relationship exists with GBP/USD, negatively correlated (Bearish GBP). Over the last 12 releases, the Sigmacast model's median absolute error is 22 thousand.
WHAT TO WATCH NEXT
The next release is scheduled for August 4, 2026. Same-country events in the next 14 days include S&P Global Manufacturing PMI (Aug 3) and S&P Global Services PMI (Aug 5).
Auto-generated from current model state · Refreshes on each release · Last update July 2026.
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Employment Change - ES
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About Employment Change — Spain
DEFINITION
Employment Change is a key economic indicator that measures the net change in the number of people employed in a given period of time. It provides valuable insights into the health of the job market and overall economic growth. A positive employment change indicates an increase in job opportunities, while a negative change suggests a decline in employment. This indicator is closely monitored by policymakers, investors, and businesses to make informed decisions and assess the current state of the economy.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Jun 2026): actual -28.7 K, consensus -40.8 K. Prior reading (May 2026): -36.3 K. Before that (Apr 2026): -62.7 K.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a lower reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary headwind in the current projection. This indicator correlates most strongly with S&P 500 (Bearish S&P 500, r=-0.79) — a useful reference for index-focused traders.
Σ
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Economic Calendar - ES Events
| Thursday, July 30, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 07:00 | ES | CPI MoM | 0.2 | 0.6 | 0.2 | 0.20 | Low |
| 07:00 | ES | HICP YoY | 3.8 | 3.6 | 3.7 | 3.75 | Medium |
| 07:00 | ES | CPI YoY | 3.5 | 3.2 | 3.2 | 3.35 | Medium |
| 07:00 | ES | HICP MoM | -0.1 | 0.6 | -0.2 | -0.15 | Low |
| 07:00 | ES | Core Inflation Rate YoY | 3 | 2.9 | 2.9 | 2.95 | Low |
| 07:00 | ES | Gross Domestic Product YoY | 2.7 | 2.7 | 2.5 | 2.60 | Low |
| 07:00 | ES | Inflation Rate YoY | 3.5 | 3.2 | 3.4 | 3.45 | Medium |
| 07:00 | ES | GDP Growth Rate QoQ | 0.7 | 0.6 | 0.6 | 0.65 | High |
| 07:00 | ES | Harmonised Inflation Rate MoM | -0.1 | 0.6 | -0.2 | -0.15 | Low |
| 07:00 | ES | Harmonised Inflation Rate YoY | 3.8 | 3.6 | 3.7 | 3.75 | Low |
| 07:00 | ES | GDP Growth Rate YoY | 2.7 | 2.7 | 2.5 | 2.60 | High |
| 07:00 | ES | Gross Domestic Product QoQ | 0.7 | 0.6 | 0.6 | 0.65 | Medium |
| 07:00 | ES | Inflation Rate MoM | 0.2 | 0.6 | 0.2 | 0.20 | Medium |
| 11:00 | ES | Business Confidence | -2.6 | -2.4 | -2.7 | -2.65 | Medium |
| Friday, July 31, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 08:00 | ES | Current Account | 1.84 | 1.88 | 4.5 | 3.17 | Low |