http://www.aljazeera.com/news/europe/2013/04/2013425849503846.html
More than six million Spaniards were out of work in the first quarter of this year, raising the jobless rate in the euro zone's fourth biggest economy to 27.2 percent. The number of unemployed climbed by 237,400 people to 6.2 million, as the Spanish economy contracted by 1.37 percent since last year. The office of the prime minister of Spain is expected to unveil new package of reforms to revive the economic activity. Spain is one of the largest economies in The Euro zone crisis, which has had lots of unemployment and economic losses. In France, the second biggest euro zone economy, official data to be released later on Thursday are also expected to show a record number of jobless workers.
The percent of unemployment in Spain is ridiculous. Spain's government needs to figure something out and create a plan to solve this problem. Spain's economy won't survive unless they decrease the unemployment rate.
ReplyDeleteIt's hard to compare Spain to the U.S. (since the late 80s, Spain has had an unemployment rate consistently over 10%). However, this is high even for them. The most puzzling thing about it is the fact they have had rising unemployment for almost six years. It will definitely be tough to fix it in a hurry, but it appears they work with a higher natural rate of unemployment so who knows what the target should be.
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