Gloom in Spain: Unemployment Hits Record 27%

6M jobless 'worse than expected'

By Matt Cantor,  Newser Staff

Posted Apr 25, 2013 5:52 AM CDT

(Newser) – Spain's unemployment rate has soared to 27.2%, the highest it's been since record-keeping started in the 1970s. Some 6.2 million people were jobless in the first quarter, a figure that has continued to climb for seven quarters. Madrid has sharply curtailed its spending, and these latest numbers are likely to increase concerns over budget austerity amid Europe's financial crisis, Reuters notes. "These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy," a Madrid strategist says. And things may not improve any time soon: The IMF projects a 26.5% jobless rate in Spain for 2014.

People enter an office to register for job placement in Madrid, Spain, Thursday, April 25, 2013.
People enter an office to register for job placement in Madrid, Spain, Thursday, April 25, 2013.   (AP Photo/Paul White)
« Prev« Prev | Next »Next » Slideshow
My TakeCLICK BELOW TO VOTE
13%
3%
65%
4%
14%
1%
To report an error on this story, notify our editors.

NEWS FROM OUR PARTNERS
Other Sites We Like:   The Street   |   HitFix   |   PopSugar Tech   |   RealClear   |   24/7 Wall St.   |   CollegeHumor   |   Barstool Sports   |   OK!