- Juan José Dolado, a professor of economics at Carlos III University
The number of registered unemployed people in Spain rose less than expected last month, however, jumped beyond the 5 million mark for the first time, as the Eurozone's fourth-largest economy contracted and the government imposed steep spending cuts. According to the Ministry of Employment and Social Security, there were 59,444 or 1.19% more people unemployed in February compared to the previous month, while the total number of Spaniards out of work stood at 5,040,222. Nation's unemployment rate rose to 26% in the fourth quarter of 2012, up from 25% in the previous three months. In the meantime, youth unemployment jumped to another high, as 55% of Spaniards aged 25 or under were looking for a job, this is 16,026 more than registered in the previous month. Despite the monthly increase, it was the smallest rise for that month since 2008, raising fresh hopes that the country's economic crisis may be starting to recede.
"You can always look on the bright side of life. But when you have 5 million registered unemployed then this is still bad news," said Juan José Dolado, a professor of economics at Carlos III University in Madrid.
Employment Minister Engracia Hidalgo said the reform "lays the ground to create jobs when economic conditions improve."
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