Spanish unemployment continues to rise in April

Figures from Spain’s Labour Ministry have revealed that unemployment continued to rise in April for the 13th consecutive month, albeit the rise is slowing.

A further 39,478 people registered as unemployed in April, against the 123,543 who registered the previous month.

Spain has one of the highest unemployment rates in the euro zone after reaching 17.4% at the end of March. Meanwhile, the European Commission is predicting that the country’s unemployment rise will reach 20% next year.

Spain has been a major force in the EU economy but the country has been hit hard, contracting at its fastest rate in 40 years following the collapse of the construction industry and the onset of recession.

However, a Government scheme to award 400,000 local public work jobs is having an impact, according to Economy Minister Elena Salgado.

Spain entered recession late last year with the European Commission forecasting that Spain will be the last EU member to come out of recession.

In the meantime, Spain’s consumer confidence index grew from 53.7 points in March to 61.9 points in April, according to data released by the Official Credit Institute. Last July, the index plummeted to a record low of 46.3.

Discuss this in the Finance Markets forums

Story link: Spanish unemployment continues to rise in April