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| Spain unemployment soars to record high | Spain unemployment soars to record high |
| (7 days later) | |
| Spain's sorry tale of soaring joblessness has reached fresh heights over the first three months of the year with a record 27% of the workforce unemployed. | Spain's sorry tale of soaring joblessness has reached fresh heights over the first three months of the year with a record 27% of the workforce unemployed. |
| The figure passed 6 million for the first time in recent history; among under-25s who are not studying, the rate is 57%. | The figure passed 6 million for the first time in recent history; among under-25s who are not studying, the rate is 57%. |
| Those living in the south of the country have been particularly hard hit by the shrinking economy. Some southern regions, especially the Andalusian provinces of Jaén, Cádiz and Huelva, have an unemployment rate of more than 40%. | Those living in the south of the country have been particularly hard hit by the shrinking economy. Some southern regions, especially the Andalusian provinces of Jaén, Cádiz and Huelva, have an unemployment rate of more than 40%. |
| There is no immediate prospect of job creation. The economy shrank 1.9% over the past year and is not expected to return to growth until the end of this year or 2014. | There is no immediate prospect of job creation. The economy shrank 1.9% over the past year and is not expected to return to growth until the end of this year or 2014. |
| Analysts say jobs will not be created until growth rises above 1%, which seems unlikely until well into next year, by which time some 2 million people are expected to have been unemployed for more than three years. Budget cuts, to be announced on Friday, are unlikely to help create jobs in the short term. | Analysts say jobs will not be created until growth rises above 1%, which seems unlikely until well into next year, by which time some 2 million people are expected to have been unemployed for more than three years. Budget cuts, to be announced on Friday, are unlikely to help create jobs in the short term. |
| Spain had the worst budget deficit in the EU last year and, although part of that was due to a one-off €41bn payment to rescue banks, it will still struggle to meet Brussels-set targets without pushing more people out of work. | Spain had the worst budget deficit in the EU last year and, although part of that was due to a one-off €41bn payment to rescue banks, it will still struggle to meet Brussels-set targets without pushing more people out of work. |
| This year's deficit target is 4.5% of GDP, though that figure is poised to be relaxed as austerity hawks in Brussels struggle to deal with a Europe-wide recession. | This year's deficit target is 4.5% of GDP, though that figure is poised to be relaxed as austerity hawks in Brussels struggle to deal with a Europe-wide recession. |
| The unemployment figures released on Thursday also revealed that more families were sinking into poverty. Some 1.9m households have no breadwinner, and 2.3 million people, or one in 10 workers, have been unemployed for more than two years. "The process of impoverishment is spreading all the time," said Sebastian Mora, secretary general of Caritas, the Roman Catholic relief organisation. | The unemployment figures released on Thursday also revealed that more families were sinking into poverty. Some 1.9m households have no breadwinner, and 2.3 million people, or one in 10 workers, have been unemployed for more than two years. "The process of impoverishment is spreading all the time," said Sebastian Mora, secretary general of Caritas, the Roman Catholic relief organisation. |
| Some 3 million Spaniards are experiencing extreme poverty and living on less than €3,650 a year, he said; another 3 million have less than €7,300. | Some 3 million Spaniards are experiencing extreme poverty and living on less than €3,650 a year, he said; another 3 million have less than €7,300. |
| Household spending power has fallen to 2001 levels due to rising unemployment, falling salaries and increased income and sales taxes, with almost one in three struggling to pay monthly bills. "This has grown brutally in recent years," said Carlos Susías of the Network Against Poverty and Social Exclusion. | Household spending power has fallen to 2001 levels due to rising unemployment, falling salaries and increased income and sales taxes, with almost one in three struggling to pay monthly bills. "This has grown brutally in recent years," said Carlos Susías of the Network Against Poverty and Social Exclusion. |
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