Monday, November 5, 2012

Spain jobless rate climbs by 2.73% in October

This file photo shows people standing in line outside a government employment office in Madrid, Spain, October 26, 2012.

Source; Press TV

Official data show that Spain’s unemployment rate climbed by 2.73% in October, bringing the number of the unemployed people in the European country to 4.83 million.

According to the data released on Monday by Spain’s Labor Ministry, October was the third straight month that the jobless rate climbed after a break during the summer tourism season.

Battered by the global financial downturn, Spain’s economy collapsed into recession in the second half of 2008, taking with it millions of jobs.

Protests have been growing against the Spanish government’s austerity measures and labor reforms, which are hitting the middle and working classes the hardest, amid the deepening economic crisis.

The government has remained adamant saying the austerity measures are needed to bring it through the crisis.

Spanish Prime Minister Mariano Rajoy’s proposed 2013 draft budget is expected to slash the overall spending by 40 billion euros ($51.7 billion), freeze the salaries of public workers, and reduce spending for unemployment benefits.

No comments:

Post a Comment

Thanks for commenting on this post. Please consider sharing it on Facebook or Twitter for a wider discussion.

World United Music Podcast

World United Music Podcast
Click on Image for Direct Link