Spain unemployment rate rises in November

Note: This section contains information in English only.
Source: Bloomberg
© Scanpix/Reuters
Spain's unemployment increased by 74,296 or 1.54% in November comparing with the previous month, as the Labor Minister announced on Tuesday. That was the fourth consecutive month of an unemployment rise, which totally reached 4.9 million. On an annual basis, unemployment sharply increased by 11.02%. The jobless rate surging mainly in service segment and is followed by losses in agriculture and industry sectors.
"One can't help feeling that the amount being asked for could be one of many requests over the coming months," said Michael Hewson, markets analyst at CMC Markets. "With the aid being conditional on sweeping job cuts in excess of 6,000, and bank branch closures across the country the effects are likely to be felt across the entire Spanish economy, which is already seeing tax revenues shrink sharply."
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