Saturday, 28 April 2012

Spanish unemployment 25 percent

Pain in Spain as jobless rate soars
Spain's unemployment rate has hit a 20-year high, with more than 5.6 million people out of work.

28 April, 2012

In the first three months of this year close to 370,000 people lost their jobs and Spain's jobless rate is now at 24.4 per cent.

Unemployment is highest among the youth population, at 50 per cent.

There were more gloomy figures for Spain overnight, with the country now considered the Eurozone's weakest link.

Credit ratings agency Standard and Poor's has downgraded Spain's rating by two notches from A to BBB+, warning the country might have to take on more debt to support its banking sector.

Official figures due out on Monday are expected to confirm Spain has fallen back into recession.

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