Bloomberg News

Spain Joblessness Increases for First Time in Five Months

September 04, 2012

Spanish registered unemployment rose in August for the first time in five months amid a worsening recession.

The number of people registering for jobless benefits rose 38,179 from July to 4.63 million, according to data released today by the Labor Ministry in Madrid. That compares with an increase of 51,185 in the same month last year.

The euro area’s fourth-largest economy contracted for a third quarter in the three months through June, pushing the European Union’s highest unemployment rate to 24.6 percent, a record in the country’s 36 years of democratic history.

Economists contradict Prime Minister Mariano Rajoy’s forecast that unemployment has peaked at a quarter of the workforce. The proportion of jobless will rise to 26.1 percent in 2013, according to the median of nine forecasts in a Bloomberg survey.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net


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