Spain Unemployment Rises Sharply in October: Labor Ministry
Local Editor
Spain's unemployment increased by 87,028 in October from the prior month to 4.81 million, the labor ministry reported Tuesday.
Meanwhile, the registered unemployment declined by 22,138 over the last year. The ministry said this was the first annual decline in registered unemployed since May 2007.
The ministry released the data on Tuesday, putting the number of registered jobless last month at 4.81 million.
The increase followed another rise in September of over 25,000 people.
Analysts say the reason for the two months of decline is due to layoffs in the tourism sector as the season has ended.
The country's official jobless percentage rate hit over 26 percent in the second quarter of 2013.
The International Monetary Fund (IMF) has warned that Madrid would face five more years with a jobless rate of over 25 percent, unless the government does not implement new reforms including measures to assist firms in slashing wages instead of cutting staff.
In September, the fund added Spain to a list of countries with relatively large economic imbalances, saying that public debt continues to rise in the European country.
Source: Websites
Comments
- Related News
