The recent strength of the labour market and its impact on workers’ consumption

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 precaution...

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Detalles Bibliográficos
Autor: Martínez Carrascal, Carmen
Tipo de recurso: artículo
Fecha de publicación:2023
País:España
Institución:Banco de España
Repositorio:Repositorio Institucional del Banco de España
OAI Identifier:oai:repositorio.bde.es:123456789/33413
Acceso en línea:https://repositorio.bde.es/handle/123456789/33413
Access Level:acceso abierto
Palabra clave:Consumption
Employment
Uncertainty
Precautionary saving
Renta, empleo y precios
Economía del consumo y del ahorro
Consumo
D12
D14
E21
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repository_id_str
spelling The recent strength of the labour market and its impact on workers’ consumptionMartínez Carrascal, CarmenConsumptionEmploymentUncertaintyPrecautionary savingRenta, empleo y preciosEconomía del consumo y del ahorroConsumoD12D14E21Rationale 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.Banco de EspañaMadrid : Banco de España, 20232023info:eu-repo/semantics/articleapplication/pdfhttps://repositorio.bde.es/handle/123456789/33413reponame:Repositorio Institucional del Banco de Españainstname:Banco de EspañaInglésEconomic Bulletin / Banco de España, 2023/Q3, 07Versión en español 123456789/30850info:eu-repo/semantics/openAccessoai:repositorio.bde.es:123456789/334132026-06-20T12:44:27Z
dc.title.none.fl_str_mv The recent strength of the labour market and its impact on workers’ consumption
title The recent strength of the labour market and its impact on workers’ consumption
spellingShingle 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
title_short The recent strength of the labour market and its impact on workers’ consumption
title_full The recent strength of the labour market and its impact on workers’ consumption
title_fullStr The recent strength of the labour market and its impact on workers’ consumption
title_full_unstemmed The recent strength of the labour market and its impact on workers’ consumption
title_sort The recent strength of the labour market and its impact on workers’ consumption
dc.creator.none.fl_str_mv Martínez Carrascal, Carmen
author Martínez Carrascal, Carmen
author_facet Martínez Carrascal, Carmen
author_role author
dc.subject.none.fl_str_mv Consumption
Employment
Uncertainty
Precautionary saving
Renta, empleo y precios
Economía del consumo y del ahorro
Consumo
D12
D14
E21
topic Consumption
Employment
Uncertainty
Precautionary saving
Renta, empleo y precios
Economía del consumo y del ahorro
Consumo
D12
D14
E21
description 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.
publishDate 2023
dc.date.none.fl_str_mv 2023
dc.type.none.fl_str_mv info:eu-repo/semantics/article
format article
dc.identifier.none.fl_str_mv https://repositorio.bde.es/handle/123456789/33413
url https://repositorio.bde.es/handle/123456789/33413
dc.language.none.fl_str_mv Inglés
language_invalid_str_mv Inglés
dc.relation.none.fl_str_mv Economic Bulletin / Banco de España, 2023/Q3, 07
Versión en español 123456789/30850
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2023
publisher.none.fl_str_mv Banco de España
Madrid : Banco de España, 2023
dc.source.none.fl_str_mv reponame:Repositorio Institucional del Banco de España
instname:Banco de España
instname_str Banco de España
reponame_str Repositorio Institucional del Banco de España
collection Repositorio Institucional del Banco de España
repository.name.fl_str_mv
repository.mail.fl_str_mv
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score 15,298079

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