Spanish Unemployment Drop Below 25% For First Time in 2 Years

The unemployment rate in Spain has fallen below 25% for the first time in two years, thanks to the beginning of a revival in the economy.

An extra 402,000 people started work in the second quarter of the year, boosted by the seasonal upturn in tourism.

That helped to push the official jobless rate down to 24.5%, from 25.9% in the first three months of the year.

However the Spanish unemployment rate is still the second highest in Europe, with 5.6 million Spaniards out of work.

Strong figures
That compares to 17.4 million who are officially in work.

“These figures are much better than expected and while there’s an important seasonal element, seasonally adjusted figures are also strong,” said Jose Luis Martinez, economist at Citi in Madrid.

Seven years ago, unemployment in Spain stood at just 7% but then rose sharply to nearly 27%.

via BBC

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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