15) «Spain´s unemployment rate climbs above 25 % for first time (25.02 %)»

by Javier Carro

Topics: Economy, Frontpage

15) «Spain´s unemployment rate climbs above 25 % for first time (25.02 %)»

Spain’s employment rate has topped the 25-percent mark for the first time on record, according to the National Statistics Institute’s¹ – Labour Force Survey².

The jobless rate rose by 0.38 percentage points to 25.02 per cent. That was the first time the rate has stood above 25 per cent since the current series of figures was first compiled in 1976. More than 5.7 million Spaniards have been left without jobs, the number of people out of work in the third quarter jumped by 85,000 to 5.778 million. The jobless rate was over 30 percent in 16 of Spain’s 50 provinces, for example, unemployment in the exclave of Ceuta hit 41.03 per cent, and stood at 35.42 per cent in Andalusia. The jobless rate, in Spain, among workers under 25 years old rose by 0.94 percentage points to 52.34 percent in the quarter.

The Spanish economy, in recession for the second time in three years, shed 799,700 jobs over the past 12 months. With the economy contracting for the fifth quarter in a row in the period, and expected to shrink 1.5 per cent for the year, unemployment is set to continue rising. According to the latest figures available from the European Union’s statistics office Eurostat, the jobless rate in the EU in August stood at 10.5 percent and 11.4 percent in the euro zone. ∎

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¹(Instituto Nacional de Estadística-INE).

²(Active Population Survey / Encuesta de Población Activa-EPA).

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