27 Apr '12, 4pm

ECONOMY: Spain hits record jobless rate, credit score downgraded - World News

AFP - Spain announced Friday that its jobless rate surged to a record 24.4 percent at the end of March, pounding financial markets already reeling from a Spanish sovereign debt downgrade. A total 5.64 million people searched in vain for work in the recession-bound, deficit-plagued economy, the National Statistic Institute said. Already, Spain had the highest unemployment ratio in the industrialized world, as the slumping economy failed to absorb the millions of workers cast out of jobs when a property bubble imploded in 2008. In a climate of recession, compounded by a renewed zeal for austerity to rein in the deficit and curb mushrooming debt, the jobs market deteriorated dramatically. The unemployment rate soared to 24.44 percent of the potential workforce at the end of March from 22.85 percent three months earlier, the National Statistics Insitute report showed. Some 365...

Full article: http://sfluxe.com/2012/04/27/economy-spain-hits-record-jo...

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