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Spain's jobless numbers up in October


Spain's jobless numbers up in October


In Spain, the number of people registered as unemployed rose in October.

Job centres saw an increase in jobseekers as those hired for the tourist season were laid off.

The increase was especially pronounced in the services and agriculture sectors.

EU Economic and Monetary Affairs Commissioner Olli Rehn said Spain’s economy is growing again, but not adding jobs: “For Spain, growth is expected to have returned in the third quarter. Large needs of adjustment still remain, which in Spain is visible in the unbearably high unemployment rate, though this seems to have been stabilising recently.”

There were some hopeful signs, the post holiday season rise was not as high as in previous Octobers and year on year, jobless numbers fell for the first time since May 2007.

But 4.8 million people were out of work and the European Commission said it expects Spain’s unemployment rate to rise next year and still be above 25 percent in 2015.

Spain’s economy has contracted around 7.5 percent since 2008, when the bursting of a decade-long property bubble left millions out of work and sent domestic demand into freefall.

The rebound, led by the export sector, is expected to be shallow, due in part to the stubbornly high unemployment as well as one of the eurozone’s highest government deficits – the difference between money coming in from things like taxes and public spending.

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