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Spain’s unemployment rate falls Oct 24,2013 0 Comments

THE number of unemployed people in Spain dropped by 72,800 to 5.9 million in the third quarter, pushing the unemployment rate down to 25.98 per cent.

The drop in the number of jobless people in the third quarter, compared to the same period in recent years, was the sharpest since 2005, the National Statistics Institute reported in its Labour Force Survey on Thursday.

Employment rose by 39,500 to 16.82 million in the July-September period, marking the first rise in the third quarter of a year since 2010, with the labour force participation rate hitting 59.59 per cent, the Labor Force Survey said.

The unemployment rate for men in the second quarter was 25.50 per cent, while the jobless rate for women was 26.55 per cent.

The youth unemployment rate – calculated for those younger than 25 – was 54.39 per cent in the third quarter, down 1.75 percentage points.

The number of households with all members of the labour force unemployed fell by 13,400 in the July-September period, but it still stands at a high 1.8 million, the report said.

The Bank of Spain said in its latest economic bulletin Wednesday that the country climbed out of recession in the third quarter, growing 0.10 per cent from the previous three-month period to end a streak of nine consecutive quarters of contraction.

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