Unemployment Rate – Spain

Spain’s economic crisis deepens as unemployment hits 24.4%, By Pan Pylas (AP), April 27, 2012, USA Today: “The hole in Spain’s economy is getting deeper. The government reported Friday that unemployment rose to 24.4% in the first quarter – compared with 22.9% in the fourth quarter – and that more than half of Spaniards under 25 are now without jobs.  The bleak employment came one day after ratings agency Standard & Poor’s downgraded the country’s debt. The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain’s banks are in worse financial shape and the government’s deficit is hitting worrisome levels. The first-quarter employment data showed that 365,900 people lost their jobs, bringing the number of unemployed Spaniards to 5.6 million. The unemployment rate for people under 25 climbed to 52%, up from 48.5% in the previous quarter…”