Further welcoming signs from Spain

Another gleam of hope for the 17-nation bloc emerged on Tuesday, as Spain's labour market improved in November, as unemployment change posted its first monthly drop in this period since the current system was introduced in 1997. The Spanish Employment Ministry said some 2,475 fewer Spaniards lost their job last month, putting the total number of jobless people at 4,808,908. This level represents a monthly drop of 0.05% in the number of new job-seekers. On a yearly basis, there were 98,900 less unemployed people, standing 2.02% lower than in the same month a year earlier. Both construction and manufacturing sectors registered a decline in the unemployment, suggesting companies have finally stopped to lay off employees and considering to hire more staff.

Battered by the global financial crisis, Spain fell into recession in the second half of 2008, with millions of Spaniards losing their jobs. Nonetheless, Europe's fourth largest economy has finally emerged from the recession after contracting for nine consecutive quarters. Spain's gross domestic product posted a modest growth of 0.1%, confirming flash estimates. On a yearly basis, however, GDP contracted 1.1% over the corresponding period. Another welcoming sign for the whole Europe is that Spanish household spending grew for the first time in six quarters, moving higher 0.4%.