2026-07-22T12:48:48Zhttps://repositorio.bde.es/oai/request

oai:repositorio.bde.es:123456789/334132024-05-20T08:54:27Zcom_123456789_23296com_123456789_5861com_123456789_21col_123456789_23321

The recent strength of the labour market and its impact on workers’ consumption Martínez Carrascal, Carmen Consumption Employment Uncertainty Precautionary saving Renta, empleo y precios Economía del consumo y del ahorro Consumo D12 D14 E21 Rationale Since the pandemic, the Spanish labour market has shown considerable strength, which has been conducive to a decline in the perceived probability of job loss among workers. This article evaluates the extent to which this may have had a positive impact on consumption (by reducing precautionary saving). Takeaways •The strength of the labour market and the rising share of permanent contracts have helped reduce workers’ perceived probability of job loss. This lowers precautionary saving and raises household spending levels •Uncertainty regarding future labour income has a particularly strong impact on spending on durable goods, and an albeit smaller impact on other non-essential expenditure. •The households whose spending on durables is most responsive to changes in uncertainty about future labour income are those that lack a minimum buffer of liquid assets to withstand a drop in income. This is observed most frequently among low-income and young households. 2023-07-27 Artículo 1695-9086 (en línea) 1130-4987 (en papel) https://repositorio.bde.es/handle/123456789/33413 en Economic Bulletin / Banco de España, 2023/Q3, 07 Versión en español 123456789/30850 Reconocimiento-NoComercial-CompartirIgual 4.0 Internacional (CC BY-NC-SA 4.0) In Copyright - Non Commercial Use Permitted https://creativecommons.org/licenses/by-nc-sa/4.0/deed.es_ES http://rightsstatements.org/vocab/InC-NC/1.0/ 7 p. application/pdf España Banco de España Madrid : Banco de España, 2023