Spanish unemployment hits new peak

Spain's unemployment rate hit a record high of 25% in the third quarter, as the jobless total grew to nearly 5.8 million people.

The latest unemployment data reflects the impact of the region's recession, and Spain's government cuts aimed at restoring stability to the country's finances.

The national statistics office said unemployment in the July to September period rose 0.4%, compared to the previous quarter; and 3.5% compared to the year prior, as another 85,000 people were left without work.

A sharp fall in the number of public sector workers accounted for a large portion of the unemployment rate increase. Almost 50,000 fewer workers were employed in the public sector in the third quarter, representing a fall of 7% year-over-year.

Read Full Article from CNNMoney

- Posted: 2012-10-26 14:51:34

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