Spanish jobless claims rise for fourth month

2nd December 2009, Comments 0 comments

Jobless claims in November may have rose by 1.6 percent or 60,593, but is now lower than the previous three months.

Madrid – Spanish jobless claims rose by 60,593, or 1.6 percent, in November, the fourth monthly increase running, the government said on Wednesday as the country remained stuck in its worst recession for decades.

The number of people seeking jobless benefits rose by nearly 900,000 or 29 percent on the year to reach 3,868,946, the labour ministry said.

"The jobless rise has been less than the previous month and much lower than the same month last year," employment secretary Maravillas Rojo said in a statement.

Jobless claims rose on a monthly basis by 2.6 percent in October, 2.2 percent in September and 2.4 percent in August, after three months of declines.

Spain's gross domestic product contracted 0.3 percent in the third quarter, its fifth straight quarterly decline, even as the entire eurozone officially joined the United States and Japan in emerging from recession during the same period.

Europe's fifth-biggest economy has proved especially vulnerable to the global credit crunch because growth relied heavily on credit-fuelled domestic demand and a property boom boosted by easy access to loans that has collapsed, leaving around one million new homes unsold.

Spain provides only quarterly data on the unemployment rate but according to the European Union statistics agency Eurostat it stood at 19.3 percent in October, the second highest rate in the bloc behind Latvia.

The unemployment rate across the 16 nations that use the euro single currency stood at 9.8 percent in October, according to Eurostat.

AFP / Expatica

0 Comments To This Article