Spanish Unemployment Falls to 20.9%

Spanish unemployment figures experience their biggest ever annual fall but unemployment remains at over 20%.

The National Statistics Institute said the number of unemployed Spaniards fell by 12.4% to 4.78 million last year thanks to a strengthening economy.
In the fourth quarter the rate dropped to 20.9% of the workforce, compared with 21.2% three months earlier.
The figures, which are better than predicted, are at their lowest level since mid-2011.

The economic recovery pushed the number of unemployed people down by 678,200 for the whole year.

But there is concern that much of the growth depends on short-term jobs
The data showed almost twice as many temporary posts were created in 2015 than permanent ones.
Vincenzo Scarpetta, a political analyst at Open Europe in London, said: “If the economic cycle starts going less well, those jobs could start to evaporate.”

Economists fear that the inconclusive election, that has yet to result in a government, could delay much needed reform of the labour market.
Spain has suffered a double-dip recession which pushed unemployment to just under 27% at the end of 2013.

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