Unemployment in Spain

Unemployment figures in Spain have seen a rise of 61,083 in August, the first increase in four months according to a report released Thursday by the Labour Ministry.

The 61,083 new unemployed or 1.56 per cent increase brings the total number of unemployed to 3,969,661. The rise has been a dent in the positive four-month trend of falling unemployment that began in April after 8 months of explosive unemployment growth.

The Labour Ministry does not calculate a rate of unemployment but figures from the National Institute of Statistics show Spanish unemployment at 20.09%, the highest rate of unemployment in the euro area.

Finance Minister Elena Salgado told Cadena Ser radio station that the trend is “normal” given that towards the end of summer unemployment figures increase due to temporary workers in the tourism industry seeing their contracts run out and no new jobs available.

Spain saw its economy collapse into recession in 2008 as the property bubble which had fueled a growing economy burst.

Image credits.