Spain’s registered jobless up 128,200 in October as the country’s recession continues to take its toll. Spain, the fourth largest economy among the 17 countries that use the euro, is in its second recession in three years.
The increase in the jobless registrations was more than the expected 90,300 and up from September’s 79,600. The new numbers brings the number of Spanish people without a job to a little over 4.83 million were registered as jobless at the end of last month, which is an increase of 2.7 percent from September.
The official unemployment rate of Spain at the end of the third quarter stood at a record high of 25 percent. Most of the unemployed are under 25 years old, and represent 52 percent of the unemployed.
This was the third straight month that the jobless figures rose, after we saw a pause in the decline during the busy summer tourist season in Spain which helped hiring slightly.
Euro dipped slightly against the dollar after the data. The single currency is hovering near month lows, being weighed down by concerns over Greece, another heavily indebted euro zone member. The Greek parliament is expected to vote on new austerity measures required by international lenders to approve the next bailout tranche to the country.