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Spain Registered Unemployment Declines Amid Peak Tourist Season

Source: Bloomberg - Thu 2th Aug 2012
Spain Registered Unemployment Declines Amid Peak Tourist Season

Spanish registered unemployment fell in July as the country's peak tourism season came into full swing.

The number of people registering for jobless benefits declined by 27,814 from June to 4.59 million, according to data released today by the Labor Ministry in Madrid. That compares with a 42,059 drop last year.

Tourism is one of the biggest contributors to the euro area's fourth-largest economy. Its second recession since 2009 worsened in the second quarter of the year, pushing the European Union's highest unemployment rate to 24.6 percent, a record in the country's 36 years of democratic history.

However, this is a common seasonal phenomena which occurs each year. As soon as the season comes to an end the number of jobless once again increases.

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