Unemployment claims hit record high in Spain

For the eighth month in a row, the number of people filing for unemployment benefits in Spain has risen.

The country’s Labour Ministry reported that 34,406 more people applied for jobless benefits last month, pushing the number of new claimants to a record 4.3 million.

In February Spain’s total jobless rate stood at 4.7 million people, about 20.5% of the population — more than twice the eurozone average. This number includes those not claiming benefits, and is released every three months separately from unemployment claims data.

Spain’s government has imposed tough austerity measures to reduce its debts, and does not expect the economy to start creating jobs until the end of the year at the earliest.

Youth unemployment is still a critical problem, with 12,830 lay-offs in March hitting people under 25 years old. According to European Union data, youth unemployment in Spain was 43.5% in February.

Source:  BBC News

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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