Spain unemployment hits record high at 25%

Unemployment in Spain climbed to a new record high at 25%, a level unseen since the Franco dictatorship ended in the mid-1970s. The figure is a hair below estimates at 25.1% but higher than the previous 24.63%, confirming that the labour market in the Mediterranean country is even farther from the slightest sign of improvement. The number of workers without a job stood at 5.8 million. Only Greece has higher unemployment in the European Union. The figure puts further pressure on the government as it battles to control a public deficit to meet Brussels' demands in a recession that shows no sign of letting up. Further layoffs are likely to follow next year as more of the country's 60 billion euro programme of budget austerity kicks in.

Article supplied by the Institute of Export & International Trade