Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Gaza: A Truce At All Costs?

Read more

AFRICA NEWS

Central African Republic: Brazzaville ceasefire talks deliver fragile deal

Read more

FOCUS

Sluggish tourist season in Crimea

Read more

ENCORE!

Bartabas : Mixing Christ with Spanish music and dancing horses

Read more

IN THE PAPERS

Shifts in the propaganda war waged between Israelis and Palestinians

Read more

IN THE PAPERS

French MPs face quandary in pro-Palestinian rallies

Read more

THE INTERVIEW

Yezid Sayigh, Senior Associate at the Carnegie Middle East Center in Beirut

Read more

#TECH 24

Mind the Gender Gap : getting more women into the tech sector

Read more

INSIDE THE AMERICAS

Bolivian children: heading to work aged 10

Read more

  • France sending military unit to located Algerian plane crash site

    Read more

  • France says missing Algerian plane 'probably crashed'

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Pope meets with Sudanese Christian woman sentenced to death for apostasy

    Read more

  • Algerian jet vanishes: 'We should eliminate the missile hypothesis'

    Read more

  • Italy’s Nibali cruises to easy victory in 18th stage of Tour de France

    Read more

  • Iraqi parliament elects moderate Kurd as president

    Read more

  • US, European aviation agencies lift travel restrictions to Tel Aviv

    Read more

  • No end to fighting until Israel ends Gaza blockade, Hamas says

    Read more

  • Two foreign women shot dead in western Afghanistan

    Read more

  • At least 60 killed in attack on prison convoy near Baghdad

    Read more

  • Cycling is ‘winning the war on doping,’ says expert

    Read more

  • Ceasefire agreed for Central African Republic

    Read more

  • Can Jew-kissing-Arab selfie give peace a viral chance?

    Read more

  • Botched Arizona execution takes nearly two hours

    Read more

Europe

Job losses drive Spain's unemployment to record high

Text by News Wires

Latest update : 2012-04-03

The number of registered job seekers in Spain hit a new high in March, the government said Tuesday, as ongoing lay-offs saw another 40,000 people lose their jobs. The country’s unemployed rate rose to almost 23 per cent.

REUTERS - Spain’s number of registered jobless rose for the eighth straight month in March as companies in all areas of the economy continued to lay off staff in an effort to survive a deepening crisis.

The number of registered unemployed rose by 0.8 percent in March from a month earlier, or by 38,769 people, leaving 4.75 million people out of work, data from the Labour Ministry showed.

Spain’s official unemployment rate, the result of a wider survey which includes registered and unregistered unemployed, rose to 22.9 percent in the fourth quarter of 2011, the highest in the European Union.

Almost a third of all those unemployed in the 17-member euro zone live in Spain, while half of Spaniards under 25 are out of work, according to data from EU statistics body Eurostat.

Deep spending cuts to meet Europe-set deficit targets, announced on Friday, are likely to increase pressure on Spain’s growth outlook, while a reform to make the labour market more flexible may also prompt more lay offs in the short term.

“Unemployment will continue to go up, simply because you need growth of around 1.4 or 1.5 percent to create jobs and we don’t think this is achievable until 2014,” economist at Citi Guillaume Menuet said.

“When you see aggressive labour market reforms it often results in more short-term unemployment.”

The Spanish government expects the economy to shrink by 1.7 percent this year, though Citi believes this is more likely to be closer to -2.7 percent. Citi forecasts a contraction of 1.2 percent in 2013.

The number of registered jobless in the dominant service sector rose by 15,062 (0.54 percent of those employed in the sector), in industry by 4,988 (0.93 percent), agriculture 4,882 (2.99 percent) and construction 2,444 (0.3 percent).

FOCUS: Living the vida low cost

 

Date created : 2012-04-03

  • EUROZONE

    Eurozone unemployment rate hits all-time high

    Read more

  • SPAIN

    Clashes and debt woes end brief honeymoon for Rajoy

    Read more

  • SPAIN

    Spain unveils budget cuts of 27 billion euros

    Read more

COMMENT(S)