Spain: Unemployment continues to rise

December 12th, 2011 by admin

Spain: Unemployment continues to rise 11:51, Friday 2 December 2011

LONDON (ShareCast) – Data from the public unemployment offices of the 17 Spanish autonomous regions shows that unemployment rose by 59,536 people in November (Stuttgart: A0Z24E – news) , compared to a rise of 134,182 in the previous month. As such, total unemployment now stands at 4,420,462 people. In seasonally-adjusted terms, unemployment is at 4,413,841, which makes for an increase of 9,310 from October’s seasonally adjusted figure. By sectors of the economy, we can see how unemployment fell in Agriculture by 2,571, rose in Industry by 3,389, rose in Construction by 5,769 and rose in Services by 48,788. Of interest as well, unemployment last month rose by 31,610 to 2,179,563 among the male population and by 27,926, to 2,240,899, among females. If we compare to November of last year, male unemployment rose by 151,998 (7.5% y/y) and female unemployment rose by 158,170 (7.59% y/y). Unemployment among those younger than age 25 age rose 1.98%, or by 9,455 persons, and among those 25 and older by another 1.29%, or 50,081 in absolute terms. Unemployment rose in 16 of the 17 autonomous regions, led by Galicia (11,274) and the Balearic Islands (10,396). Unemployment fell in Madrid by -4,013. Commentary: These unemployment numbers show that the Spanish economy continues to destroy jobs. Nevertheless, the already published Active Population Survey (EPA) from the National Statistics Institute showed that unemployment is actually closer to 5m people. The EPA survey is considered to be more precise than the data from the regional unemployment administrations. FM