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Spain: 24.4 % Unemployment in Historic Levels

Europeans in times of crisis. Of €uro Crisis. Of Debt Crisis. Of Survival Crisis. 1.7 million Spanish householda are without no income at all. Time to look right next to us and show solidarity. Then there are always real people with real destinies behind the figures. Show compassion, even if there is not much we, Greeks, can do. Then our unemployment was officially at 17.7% for the whole 2011, in January 2012 hit a record of 21.8% and the tendency is rising.

Al Jazeera report from Madrid

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 “New figures show that Spanish unemployment levels have hit record levels, with nearly a quarter of the labour force unable to find work.

The news comes hours after the country’s credit rating was cut two notches to “BBB+” by ratings agency Standard & Poor’s.

According to the new data released on Friday, unemployment levels hit 24.44 per cent at the end of March, the highest level since a statistical series began in 1996.

The number of unemployed people in the country has now risen to 5,639,500 people, according to the national statistics institute. This represents a rise of 365,900 from the last quarter.

Unemployment has risen 1.5 per cent, from a level of 22.9 per cent of the labour force in the final quarter of 2011.

The institute also said that the number of households with every member unemployed rose by 153,400 to 1.7 million.

Spain has the highest unemployment rate in the 17-member eurozone.

Credit rating cut

S&P cut the country’s rating to “BBB+” from it’s previous level of “A”, saying that it expected the Spanish economy to shrink over the next two years. (source: Al Jazeera)

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