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Spain jobless rate tops 25 percent

Published: 27th October 2012 01:12 PM  |   Last Updated: 27th October 2012 01:12 PM   |  A+A-

By IANS

The ranks of Spain's unemployed climbed by 85,000 in the third quarter to more than 5.75 million, pushing the jobless rate to a record 25.02 percent, the National Statistics Institute, or INE, said Friday.

Prime Minister Mariano Rajoy's government forecast in July that Spain would end the year with an unemployment rate of 24.6 percent.

The figures released Friday come from the INE's workforce survey, which also shows the number of people with jobs down by 96,900 to 17.3 million.

The INE survey found that the number of Spanish households in which nobody is employed stands at 1.7 million, another record.

Construction, which was hammered by the collapse of a decade-long real estate boom, was the only sector not to see increases in unemployment over the 12 months ending Sep 30, the INE said.

Spain has the highest jobless rate in the 27-member European Union.

The Iberian nation's economy contracted 0.4 percent in the third quarter and continues to face strong headwinds, the central bank said earlier this week.

Median annual household income in Spain fell 1.9 percent this year to 24,609 euros ($32,109), according to the latest national survey on living conditions.

With Spain mired in recession for the second time in four years, 12.7 percent of families said they struggle to make their money last until the end of the month, compared with 9.8 percent last year.



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