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Current Event Cat of the Day: Spain’s Unemployment Rate

Current Event Cat - Spanish Unemployment Rate

Spain’s unemployment rate has hit an all time high of 27.2% of the workforce. That’s 6 million Spaniards!

Actually, that’s over 6 million Spaniards. On the bright side though, the rate of increase of the unemployment rate has slowed down since the recession began. That’s something, I guess.

Some people aren’t so optimistic though:

“These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy,” strategist at Citi in Madrid Jose Luis Martinez said.

Spain’s economy – the fourth largest in Europe – has had a rough go since the recession hit. The collapse of a property boom combined with billions of euros in state spending cuts and tax hikes have left the population feeling not so great about their economy.

Rajoy to the rescue! Spanish Prime Minister Mariano Rajoy is set to unveil a new reform plan on Friday aimed at combating the recession. However, the news of a new plan won’t stop thousands of demonstrators from taking to the streets of Madrid on Thursday in protest of Spain’s austerity measures.

Via: Current Event Cats

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