Spanish Jobless Rise After End of Vacation Period

The number of registered jobless in Spain rose in October as the effect of the summer tourist season started to wear off, pouring cold water on the government’s hopes that tentative signs of economic recovery would translate into jobs.

Spain’s number of registered jobless rose by 87,028 people in October, leaving 4.81 million people out of work, data from the Labour Ministry showed on Tuesday. It did not give a percentage figure.

The government has been quick to announce the end of a two-year recession in the third quarter, though economists have warned that the recovery is likely to be muted as Spain continues to fight fiscal imbalances and massive unemployment.

Spain’s economy grew by 0.1 percent between July and September after contracting for nine quarters.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza