Job market
In recent years the Community of Madrid has enjoyed an intense creation of jobs, greater than was experienced by Spain as a whole. In 2008, the Community of Madrid had the highest number of employed persons in its history, 3.06 million, according to data from the INE, which means 1.3 million more workers than its 1996 figure. Cumulative growth during this period was 74%, compared to 57.4% in the country as a whole.
Madrid has not, however, been immune to the financial crisis, which has caused it to lose a portion of its achievements (in 2007, figures were close to full employment). Since the beginning of the current period of crisis (third quarter of 2007) through the fourth quarter, it has brought about the loss of 173,000 jobs.
Nevertheless, the job market in the region proves to be healthier and stronger when compared to Spain as a whole, with employment and activity rates of 55.0% and 63.5%, respectively, which are greater than national figures (47.8% and 60%). Likewise, its unemployment rate (15.8%) is lower than the national average (20.3%).
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