Gloom in Spain: Unemployment Hits Record 27%
6M jobless 'worse than expected'
By Matt Cantor, Newser User
Posted Apr 25, 2013 5:52 AM CDT
People enter an office to register for job placement in Madrid, Spain, Thursday, April 25, 2013.   (AP Photo/Paul White)

(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.

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Showing 3 of 25 comments
Apr 25, 2013 11:41 PM CDT
I can't understand how Spain got itself so deep into that mess? Spain is not some middle eastern crap hole. I simply don't know how Spain managed to dig itself in so deep.
Apr 25, 2013 12:00 PM CDT
It is a difficult situation being out of work. The U.S. is certainly having problems also. Nevada 9.7%, Illinois 9.5%, and California 9.4%. GDP vs Spending on National levels increase due to these problems to pay for people out of work. Employers are offering jobs ONLY at minimum wage or reduced hours. The U.S. GDP vs Spending has raised to appox. 43% when it was 36% just a few years ago. If you are Republican you blame President Obama and Democrat Congress, (the spending beginning when both Houses were controlled since 2006). If you are Democrat you blame President Bush and House Republicans for the War, forgetting that President Bush had Senate Democrat approval for the war. Both ideas are actually INCORRECT! This is a worldwide economic problem that requires really thinking how to fix the problems.
Apr 25, 2013 9:58 AM CDT
who really cares