The unemployment rate in Spain has dropped again in the third quarter, making the prospect of a slow, but sustainable recovery of the labor market more likely. The news came as the country marked the end of recession.
Spain’s jobless rate dropped to 25.98 percent in the third quarter, the national statistics institute, INE, reported on Thursday. That was additional good news for the eurozone’s fourth-largest economy, which had only just succeeded in battling it way out of over two years of recession.
The number of people out of work dipped by 72,800 to 5.9 million, thus lowering the jobless rate from the previous quarter’s 26.26 percent.
The July though September figures marked the second straight quarter showing a drop in the rate which peaked at a record of over 27 percent early this year, with youth unemployment presenting a particular problem.
Although the rate is still one of the highest among all eurozone member countries, analysts saw the latest figures as an added sign that a downturn lasting more than two years had finally hit bottom.
Chosen excerpts by Job Market Monitor. Read the whole story at