Wednesday, April 4, 2012

Spain: Unemployment the Highest in the EU

Spain’s number of registered jobless rose for the eighth straight month in March 2012, as companies in all areas of the economy continued to lay off staff in an effort to survive a deepening crisis. The number of registered unemployed rose by 0.8% in March from a month earlier, or by 38,769 people, leaving 4.75 million people out of work, according to the Labor Ministry.

COMMENT: Unemployment in Spain is now the highest in the European Union; almost a third of all those unemployed in the 17-member euro zone live in Spain.

Unfortunately, with stagnant job growth, analysts don't see the current situation changing until at least 2014. Sadly, the Spanish government expects the economy to shrink by 1.7% this year (2012).

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