Unemployment Figures Reveal 80 K Spike in October

 

New data released by the Labour Ministry have revealed a massive increase in unemployment figures for October and casting further doubt over Spain's recovery hopes.

According to the data, the number of unemployed workers jumped in October by more than 80,000 which equates to 32% more than September in which 25,600 registered for unemployment.

Unemployment in Spain had appeared to be falling in the run up to the busy summer season prompting Luis de Guindos, Spain's Minister for the Economy, to announce " Spain's fall in unemployment is not seasonal " at the end of August this year.

Likewise, unemployment figures for September traditionally spike as the service and hospitality sectors shed seasonal workers from their books after the summer tourist period.

However, figures for September 2013 were lower than expected with 25.6 thousand workers registering as unemployed, fuelled by a buoyant September holiday season through end of season deals.

Despite Q3 data showing encouraging signs the Spanish economy was clawing itself out of recession and back into growth, unemployment still hovers around 26 PERCENT and major employers are finding it more and more difficult to remain afloat.

Spanish PM Mariano Rajoy has pinned recovery hopes on exports rather than innovation, small businesses and entrepreneurs which many other nations around the globe have completely embraced as the most viable, stable and long-term solutions for recovery rather than exports alone.