Spain’s Unemployment Falls As Country Out of Recession

Spain’s unemployment rate fell for a second quarter in the three months through September as the economy emerged from a recession lasting more than two years.
The jobless rate declined to 26 percent from 26.3 percent in the second quarter, the National Statistics Institute in Madrid said in an e-mailed statement today. That compares with a median estimate of 26.1 percent in a Bloomberg News survey of seven economists.
Spain’s economy grew for the first time in two years in the third quarter, the central bank estimated yesterday, exiting the second recession since 2008. Prime Minister Mariano Rajoy, half-way through his term, is pledging job creation starting next year as he tries to convince the 56 percent of young Spaniards who are out of work that they have a future in Spain.
The economy is starting to recover as foreign investors buy into the nation’s stock and bond markets, sending the main Ibex 35 index up 21 percent this year. The spread between Spain’s 10-year borrowing costs and Germany’s has narrowed to less than half its peak in July 2012.

via Bloomberg

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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