Unemployment in Spain rose to new high

Note: This section contains information in English only.
Source: Deutsche Welle
© Scanpix/Reuters
On Monday, Spain's Labour Ministry reported that Spanish jobless claims rose last month, as the recession in the country continues. Spanish unemployment advanced by 128,242 people in October, which was a 2.7% gain, and reached a total level of 4.83 million. Economists, however, expected a more moderate growth of 90,300.

The National Statistics Institute said that unemployment rate among people who are less than 25 years old hit a record high level of 52%, while the economy is experiencing the second recession during last three years. Spain already reached the highest rate of unemployment among all industrialized nations and a significant relief does not seem to come soon.
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Mon, 05 Nov 2012 14:09:15 GMT

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