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Spain's jobless level hits record 4.75 million | Spain's jobless level hits record 4.75 million |
(about 21 hours later) | |
The number of Spanish jobseekers rose for the eighth month in a row in March to hit a record 4.75 million. | The number of Spanish jobseekers rose for the eighth month in a row in March to hit a record 4.75 million. |
The Labour Ministry said the number of people filing for unemployment benefits rose by 38,769 with the services sector seeing the most jobs lost. | The Labour Ministry said the number of people filing for unemployment benefits rose by 38,769 with the services sector seeing the most jobs lost. |
The jobless rate in Spain stood at 23.6% in February, according to EU figures released on Monday. | The jobless rate in Spain stood at 23.6% in February, according to EU figures released on Monday. |
Meanwhile, Spain has said its public debt will leap more than 10 percentage points this year to 79.8% of GDP. | Meanwhile, Spain has said its public debt will leap more than 10 percentage points this year to 79.8% of GDP. |
'Recovering confidence' | 'Recovering confidence' |
The Finance Ministry said: "Public debt will rise from 68.5% of GDP at the end of 2011 to 79.8%, a level which is still below the eurozone average of 90.4%." | The Finance Ministry said: "Public debt will rise from 68.5% of GDP at the end of 2011 to 79.8%, a level which is still below the eurozone average of 90.4%." |
It comes as Budget Minister Cristobal Montoro presented his government's 2012 budget to parliament. | It comes as Budget Minister Cristobal Montoro presented his government's 2012 budget to parliament. |
The package, which was approved by the cabinet on Friday, includes 27bn euros' ($36bn; £22.5bn) worth of spending cuts and tax increases. | The package, which was approved by the cabinet on Friday, includes 27bn euros' ($36bn; £22.5bn) worth of spending cuts and tax increases. |
"We are convinced that this budget will meet the challenge of recovering the confidence of our European partners," Mr Montoro told a news conference held in parliament. | "We are convinced that this budget will meet the challenge of recovering the confidence of our European partners," Mr Montoro told a news conference held in parliament. |
The European Union has set a ceiling for public debt of 60% of gross domestic product. | The European Union has set a ceiling for public debt of 60% of gross domestic product. |
'Unsatisfactory situation' | 'Unsatisfactory situation' |
The unemployment figures released on Tuesday show that the situation is worse for young Spaniards, as youth unemployment is running at 50%. | The unemployment figures released on Tuesday show that the situation is worse for young Spaniards, as youth unemployment is running at 50%. |
Spain has the highest unemployment rate in the European Union and it is expected to rise further this year. | Spain has the highest unemployment rate in the European Union and it is expected to rise further this year. |
The government hopes that reform to the labour market will help ease the problem. | The government hopes that reform to the labour market will help ease the problem. |
Its measures include cutting back on severance pay and restricting inflation-linked salary increases. | Its measures include cutting back on severance pay and restricting inflation-linked salary increases. |
But those measures have angered unions, who organised a general strike last Thursday. | But those measures have angered unions, who organised a general strike last Thursday. |
Secretary of State for Employment Engracia Hidalgo said in a statement: "We continue to face an unsatisfactory situation of an increase in the number of people registered as unemployed. | Secretary of State for Employment Engracia Hidalgo said in a statement: "We continue to face an unsatisfactory situation of an increase in the number of people registered as unemployed. |
"This is why it is necessary to reiterate the importance of creating confidence and flexibility for companies, as was done with the labour law reform." | "This is why it is necessary to reiterate the importance of creating confidence and flexibility for companies, as was done with the labour law reform." |