Spain unemployment hits new high

[TomClash]

Source: Al Jazeera

Spanish unemployment rate has hit record levels, with nearly one quarter of the labour force unable to find work and young people fearing the worst.

The unemployment rate rose in the second quarter to 24.63 per cent and a huge 53 per cent among the young, despite the start of the tourist season, official figures showed on Friday.

The increase in the overall jobless numbers was smaller than in the first quarter, with the number of eligible people out of work rising to nearly 5.7 million people.

Between April and June, 53,500 people lost their jobs, compared with 365,900 in the first quarter, the national statistics office said.

The unemployment rate rose from 24.4 per cent recorded in the first quarter - already the highest in the industrial world - as Spain entered its third straight quarter of economic contraction.

Among those aged 16 to 24, the rate rose to a huge 53.27 per cent from 52.01 per cent the previous quarter, reflecting the ongoing impact of Spain's double-dip recession following the collapse of a construction boom in 2008.


Read more: http://www.aljazeera.com/news/europe/2012/07/2012727101825621648.html

[midnight]

1. For several years this storm has been hitting the poor hard. However those in charge of this world

wide economic libor scandal have seemed to escape the devastation... And those in charge of law and order are acting like they haven't got a clue....


Several years ago, Spain stopped their building boom....

"A building boom in Spain has fizzled, leaving many without jobs and the economy pressed for a comeback.

The unemployment rate paints a picture of Spain's years of boom and bust. In 1993, unemployment was at 25 percent. It fell to 8 percent in 2007 with nearly 20 percent of the country's jobs linked to construction and real estate, The Washington Post reported Tuesday.

But, home sales declined 34 percent in May, unemployment has jumped to 10 percent and credit has tightened, the Post reported.

There is now almost two years worth of unsold housing on the market and brick factories and other businesses allied to construction, which have seen a decade of strong growth, are cutting back."



Read more: http://www.upi.com/Business_News/2008/08/12/Spains-building-boom-turns-to-bust/UPI-64111218541070/#ixzz21pNKG7dp

[crimson77]

10. How are house prices in Spain? Buyer's Market?

[LittleGirl]

2. Husband's boss wants him to take a position in Madrid

and he really doesn't want to go there even for a temporary gig. This report will help him deflect the recommendation to move there. thanks for posting.

[TomClash]

5. Happy to help

Thanks for telling me this. Every day I can help someone in some small way is a better day.

[LittleGirl]

6. Indeed! Cheers! eom

[4th law of robotics]

3. Nobody expects the Spanish Double-Dip Recession!

[lostnote12]

4. Isn't it time we identify Spain and Greece as countries in need of homegrown economic help.....

........By this I'm reminded of the economic impact the S.African boycott had on that nations plight.....A list of those nations companies could be targeted as in special need of the purchase power of the western blocks consumers.....bypass the "elite" and let them know who holds the real reigns of wealth......there could be a target date for purchases to emphasize the msg that "enough is enough"...oh well just a dream!!!

[OnlinePoker]

7. So instead of outsourcing jobs to Asia, you want to outsource them to Greece and Spain? n/t

[lostnote12]

9. I didn't say anything about outsourcing jobs.....those are your words....I was speaking of retail

....purchase power directed at designated companies in Spain and Greece.....the opposite of a boycott so to speak....

[sabrina 1]

8. Those Austerity programs are really working

only not for the people. For the Wall Street gamblers though, there appears to be a surplice of cash all hidden away in offshore secret hiding places, trillions of dollars worth of cash.

When we hear the language of Austerity, which includes, cutting Social Programs, not taxing the rich so they can 'create jobs' and 'sharing the sacrifice', that is part of the same Austerity nonsense that has destroyed Europe's economy.

First Greece, now Spain, next Italy and Portugal.

They need to take back their sovereignty, as Iceland did, start arresting the perps who caused this, at the Banks and in Government and start looking for the money as Iceland did and stop dealing with these Global entities whose main purpose is to protect the interests of Wall Street.