Don't miss

Replay


LATEST SHOWS

FRANCE IN FOCUS

France's chronic unemployment problem

Read more

EYE ON AFRICA

Candidates Goodluck Jonathan and Mohamudu Buhari call for calm

Read more

MEDIAWATCH

Anger at mental health stigmatisation after crash allegations

Read more

THE WORLD THIS WEEK

Yemen, the Escalation; France's Three Way Race; Clarkson Shown the Exit (part 2)

Read more

THE WORLD THIS WEEK

Germanwings Crash; Co-pilot 'hid illness' on crash day (part 1)

Read more

#THE 51%

The extraordinary tale of the Egyptian mother who lived as a man

Read more

REPORTERS

Video: San Cristobal, Venezuela's tinderbox

Read more

FOCUS

Portugal: Anger at corruption scandals, one year after bailout

Read more

YOU ARE HERE

Bistronomy: Stylish and simple eating

Read more

Business

Unemployment rate nears twice eurozone average at 17.92%

Text by NEWS WIRES

Latest update : 2009-07-24

The jobless rate in Spain hit a new record high of 17.92% in July, almost twice the eurozone average. 4.1 million people are currently looking for a job in Spain, the highest number since 1976.

AFP - The surge in unemployment in recession-hit Spain eased in July, official statistics showed on Friday, but the rate was still almost twice the eurozone average at nearly 18 percent.
  
The national statistics institute Ine, which has a different calculation method from the government, said unemployment rose to 4.1 million in July, a record since 1976.
  
This amounted to a jobless rate of 17.92 percent, up from 17.36 percent in the first quarter.
  
The rate of increase in Ine's estimate slowed from previous months, however, having surged from just under 14 percent to more than 17 percent from December to March. The government's latest figures show unemployment falling in May and June.
  
Spain entered recession in late 2008. Its economy, Europe's fifth largest, has been hit particularly hard by the world economic crisis after a decade-long boom driven by the construction industry came to an end.
  
"We expect the unemployment rate to keep rising, albeit at a decelerating rate, for the rest of this year and next," Citigroup economist Giada Giani said in a note to investors.

Date created : 2009-07-24

COMMENT(S)