Spain's jobless face longer job search, lower salary
A new study shows people are taking at least two months longer to find a job and over 68 percent are earning a lower salary than before.Madrid – Spain's jobless are taking longer to find a new job, and when they do, their salary is often lower than in their previous employment, according to a study by staffing firm Adecco published Monday.
"One of the immediate effects of the economic downturn of 2008 was an increase of almost two months the average time for workers to find employment," it said in a statement.
"This trend has not hit bottom, and just in the first half of the year, this time continued to rise by a month" for an average job search time of 6.7 months for those who used the services of an Adecco subsidiary, it added.
About two-thirds, 68 percent, of senior or intermediate level managers earned a lower salary at their new jobs, compared to 56 percent in 2008.
For those in lower categories 73 percent reported making less money in their new job, up from 67 percent last year.
Spain has faced a surge in unemployment since its economy, Europe's fifth largest, entered into recession during the second half of 2008.
The National Statistics Institute has reported an unemployment rate of 17.92 percent in July, the highest rate in the European Union and almost twice the eurozone average.
The government had forecast that the rate will remain high, closing the year at 17.9 percent and rising to 18.9 percent in 2010 in a nation of around 46 million people.
AFP / Expatica