Spanish unemployment rose in October

4th November 2014, Comments 0 comments

Spain's jobless queue grew in October for the third month running as a hiring boom for the summer tourist season ended, official data showed Tuesday.

The number of people in Spain registered as unemployed increased by nearly 79,200 in October from the previous month to hit 4,526,804, the figures from the employment ministry showed.

The end of the peak summer holiday period usually sees a rise in registered unemployment in Spain, one of the world's most visited nations, as temporary jobs in the key tourism sector end.

On a yearly basis, the number of unemployed, as measured by those signing on at government offices for benefits, was down by 5.

9 percent from October 2013.

The registered unemployed list is a different measure from the benchmark quarterly unemployment rate published by the national statistics institute.

The institute recorded 5.

43 million unemployed in Spain at the end of September, yielding an unemployment rate of 23.

7 percent.

That was lower than the previous quarter but still one of the highest rates in the developed world, second only to Greece in the eurozone.

The high figure reflected the lingering impact of the busting in 2008 of a construction bubble, which sparked five years of stop-start recession in the eurozone's fourth-biggest economy.

Spain emerged timidly from recession in mid-2013 and in the second quarter of this year posted its strongest quarterly growth since 2007, expanding by 0.

6 percent.

The government predicts the economy will expand by 1.

3 percent in 2014 and by 2.

0 percent in 2015.

It sees Spain's unemployment rate easing to 24.

2 percent by the end of 2014 and drop to 22.

2 percent at the end of 2015.


© 2014 AFP

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