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Spain remains a job destruction site
26-10-2012 09:50
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The latest unemployment data has been released in Spain using the Economically Active Population Survey released by the country's national statistics office.
It reveals the Spain's unemployment rate has risen to 25.02% in the third quarter compared to the previous reading of 24.63%. The market consensus estimate called for a 25.1% unemployment rate.
The total number of unemployed people in the country reached 5,778,100, up from 5,693,100 in the previous quarter. The figure is headed towards the 5.8-million mark and appears to be on its way to the psychological barrier of six million.
800,000 jobs have been destroyed over the last twelve months, while the active population fell by 12,000 people.
Unemployment rose the most in agriculture and fell the most in construction. Over the last 12 months, all sectors saw more people unemployed except for construction.
In terms of nationality, unemployment rose by 136,000 among Spanish citizens and fell by 51,000 among foreigners. The unemployment rate among foreigners is 34.84%, 11.5 points more than for Spanish citizens (23.32%).
The number of those who have lost their job more than one year ago rose by 83,300 in the last quarter, while 59,100 more people were seeking their first job in the third quarter.
There are 1,737,900 households with all their members unemployed.
"The dramatic job situation in Spain gets worse quarter after quarter. Nearly 5.8 million people are unemployed as 800,000 jobs were destroyed over the last 12 months," said analyst Francisco MiƱana from Digital Look.
"This survey shows that the Spanish economy remains a job destruction site after three difficult years. The outlook for future quarters is not bright either as the country's economic recession does not let up. It is a critical situation as the six million-mark of unemployed is within reach - the labour reform has not created jobs, at least not yet."
It reveals the Spain's unemployment rate has risen to 25.02% in the third quarter compared to the previous reading of 24.63%. The market consensus estimate called for a 25.1% unemployment rate.
The total number of unemployed people in the country reached 5,778,100, up from 5,693,100 in the previous quarter. The figure is headed towards the 5.8-million mark and appears to be on its way to the psychological barrier of six million.
800,000 jobs have been destroyed over the last twelve months, while the active population fell by 12,000 people.
Unemployment rose the most in agriculture and fell the most in construction. Over the last 12 months, all sectors saw more people unemployed except for construction.
In terms of nationality, unemployment rose by 136,000 among Spanish citizens and fell by 51,000 among foreigners. The unemployment rate among foreigners is 34.84%, 11.5 points more than for Spanish citizens (23.32%).
The number of those who have lost their job more than one year ago rose by 83,300 in the last quarter, while 59,100 more people were seeking their first job in the third quarter.
There are 1,737,900 households with all their members unemployed.
"The dramatic job situation in Spain gets worse quarter after quarter. Nearly 5.8 million people are unemployed as 800,000 jobs were destroyed over the last 12 months," said analyst Francisco MiƱana from Digital Look.
"This survey shows that the Spanish economy remains a job destruction site after three difficult years. The outlook for future quarters is not bright either as the country's economic recession does not let up. It is a critical situation as the six million-mark of unemployed is within reach - the labour reform has not created jobs, at least not yet."
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