Spain's number of unemployed reached a the staggering level of 4,907,817 last month, according to the government's labor arm. That almost certainly means that the 25% unemployment figure the nation announced recently will go even higher. The labor ministry reported (with a little help from Google Translate):
By sector of origin of unemployed persons, 85% of the increase in unemployment in November occurs in workers from the services sector (63,166 people, or 2.12%), followed by workers from agriculture, (5,777 people, 3.12%) and industry (increase of 4,670, 0.87%).
Meanwhile, unemployment among construction workers from falls in 2271 people (0.30%). The group of people with no previous job increases in 2954, representing a growth of 0.78%.
None of the sectors showed any improvement. If there is any argument that austerity will not work, it is in Spain's joblessness. Further cuts to the nation's budget will rob it of any chance to create stimulus packages that might improve the employment situation, even if slightly.
Douglas A. McIntyre
Filed under: 24/7 Wall St. Wire, International Markets, Labor