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Spain sees big fall in unemployment


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Spain sees big fall in unemployment

Better than expected jobs news from Spain is adding to hopes of a sustained economic turnaround.

The unemployment rate fell to its lowest level in two years between April and June.

More than 400,000 people started working and job creation in the services sector was particularly strong.

Unemployment fell to 24.5 percent of the workforce from 25.9 percent in the previous quarter.

While the vital tourist season always boosts hiring at this time of year, the seasonally adjusted numbers were also positive with the jobless totals falling for the fifth straight quarter.

“These figures are much better than expected and while there’s an important seasonal element, seasonally adjusted figures are also strong,” said Jose Luis Martinez, economist at Citi in Madrid.

“I have the feeling that there has been a very sharp halt in activity in the last two years, maybe more than is rational, and that’s starting to normalise.”

with Reuters

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