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Spain boosts job market, driving unemployment down

Spain boosts job market, driving unemployment down

Following an assessment of the Spanish employment figures in the second quarter, new job markets were shown to have driven down unemployment by nearly 300,000. This is sure sign of progress following an astronomical unemployment rate in recent time as unemployment fell to its lowest level in two years.

Spain boosts job market, driving unemployment down

Spain’s second quarter assessment of its unemployment figures showed a marked down turn.

Spains unemployment rate was one of the highest in the world at nearly 26%. It still is incredibly high for a developed nation, but according to the Bureau of National Statistics, the rate has seen a drop to 24.6%.

Spain occupies the Eurozone’s fourth largest economy and is continuing to make gains after a six-year decline. A reported 0.5% in growth signalled one of the strongest showings from a member of the single currency region.

Estimates have suggested as much as 1.4% growth overall by the end of 2014.

In the second quarter alone more than 400,000 jobs were created, the highest figure since 2005.

The country has struggled economically since the housing bubble burst in 2008 and sent millions of unskilled labourers into unemployment.

Last year the country saw a high of 27% unemployment. If things continue along these line it can be sure that Spain is on its way for a successful economic turnaround.

OCA News Editor

Jenny McKinnley is OCA’s financial correspondent. After spending years on the trading floor in both NY and London, she offers insight from the inside out on world financial news and events.

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