Spain's registered unemployment fell below 2.5 million in May for first time since 2008

The number of people registered as unemployed in Spain dropped below 2.5 million in May, which is the lowest level since the global financial crisis hit nearly 17 years ago, the country’s Labor Ministry reported.

Official data showed that Spain's registered unemployment dropped to 2.45 million last month, down by 57,835 from April. This put the figure below 2.5 million for the first time since the 2008 financial crisis.

The Spanish labor market traditionally strengthens during summer season. As noted by Reuters, the hospitality industry usually ramps up hiring to handle the surge of millions of tourists. 

Spain's Social Security Ministry reported robust employment growth in May, with the economy gaining over 190,000 formal jobs. This hiring surge pushed the number of people with a formal job to a record high of 21.8 million people.