Spanish unemployment rate climbs to 26pc. Youth unemployment rate hits 55%

ABC – Spain’s unemployment rate surged to a modern-day record of 26.02 per cent in the final quarter of 2012 as nearly 6 million people searched in vain for work in a biting recession, official data showed. The jobless rate climbed from 25.02 per cent the previous quarter, reaching the highest level since Spain returned to democracy after the death in 1975 of General Francisco Franco. The result shattered even the modest expectations of prime minister Mariano Rajoy’s government, which had been forecasting an unemployment rate of 24.6 per cent by the end of 2012. An extra 187,300 people joined the jobless queue, which reached a total of 5.97 million people in the final quarter of 2012, a National Statistics Institute report showed. Read Article

Source Article from http://openyoureyesnews.com/2013/01/26/spanish-unemployment-rate-climbs-to-26pc-youth-unemployment-rate-hits-55/

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