Spanish unemployment rate rises 1 point to new eurozone record of 21.3 percent

[alp227]

Source: Associated Press

MADRID — Spain’s unemployment rate jumped in the first quarter to 21.3 percent, a eurozone record and the country’s highest since 1997, with over 4.9 million people out of work, the government said Friday.

Joblessness during the January-March period jumped 1 percentage point from 20.3 percent at the end of 2010, and adds pressure on Spain as it tries to recover from nearly two years of recession and convince investors that it can handle its heavy debt load.

“This data is very negative and grave,” said Labor Minister Valeriano Gomez.

The country is struggling to shift away from dependence on the construction sector, which supported growth for years until the financial crisis popped the Spain’s real estate bubble, as well as make the economy more competitive and reduce national debt.

Read more: http://www.washingtonpost.com/business/spanish_unemployment_rate_rises_one_full_point_to_eurozone_high_of_213_percent/2011/04/29/AFP9fNBF_story.html

[Appenzell Wars]

1. When you base your economy on tourism and real estate

and retirees... you are going to have bad years (See Florida)

[mysterysoup]

4. That is an unkind and irresponsible remark.

Spain's tourism industry sector contributes about 11% to the country's GDP, employing about 2 million of the total labor force.

http://en.wikipedia.org/wiki/Economy_of_Spain#Sectors_of_the_economy

[Appenzell Wars]

5. That is my point... when England sneezes Spain catches cold.

If foreign retirees are not buying condos and taking vacations Spain's economy suffers disproportionately.

[mysterysoup]

6. No, I am not making "your point."

Your point was that the Spanish economy is based on tourism. That is simply false. Tourism is a small fraction of the economy.

If you want to attack people who base their economy on tourism, attack Hawaii. Tourism is a huge proportion of our State income.

[Appenzell Wars]

7. Spain has the second largest tourism industry in the world....

Add in Real estate and retirees... and well the point is obvious at least to me.


TourismSee also: Tourism in Spain
During the last four decades the Spanish tourism industry has grown to become the second biggest in the world, worth approximately 40 billion Euros, about 5% of GDP, in 2006

http://en.wikipedia.org/wiki/Economy_of_Spain#Sectors_of_the_economy

[Trajan]

19. I see no 'attack' ....

You are making that up ..... Saying a nation has a specific segment of the economy built upon a certain market type, even if the statement is WRONG, is not inherently an 'attack' ...

Is there somebody who wants to be an attack victim here ?

[nichomachus]

23. I agree

When the tourists show up with their money, Spain should just tell them to fuck off and spend it somewhere else. That will help.
And I hate to be the one to tell you, but the real US rate is higher than Spain's. Spain is just honest with the official figures.

[nonperson]

2. Spain obviously needs a huge tax break for the super-rich

That will solve all their economic problems just as it is solving all of our economic problems here in the USA.

[SpiralHawk]

3. "Amen" - Republicons Against America (R)

[BobbyBoring]

8. Ours is probably close to that

If we ever heard the real numbers.

Mickey Dees just knocked it down by 62 K though.

Maybe Spain needs more Mickeys.

Then, they can add obesity to their woes!

[valerief]

9. Our REAL numbers probably well exceed that. nt

[Lucky Luciano]

10. I know people love gloom and doom, but we are not at 22% unemployment by any metric. nt

[valerief]

11. If you factor in people who don't earn a living wage and people who

can't afford to work due to lack of childcare/healthcare, I'll bet we are. If you can't afford to support yourself with medical insurance from your wages, you're underemployed and that should count as virtually unemployed. Not everyone is Lucky and can afford to travel the world.

[spooky3]

13. yes, and add in people forced to retire earlier than they wanted to

[valerief]

14. Ah, yes, that's a big chunk of people. nt

[Lucky Luciano]

16. U6 unemployment is about 16% and topped put at 17%.

The employment/population ratio is around 58%, but should be around 64% in a solid economy.

The thing about health insurance affordability - well that issue is due to a corrupt healthcare system that jacks prices at a rate far faster than any other inflation metric. Energy inflation has some mean reversion to it, but healthcare inflation is simply straight up.

[valerief]

15. self delete

[area51]

17. Sorry,

we have them beat here in the U.S. at 30½%. We've been in the 2nd Great Depression for awhile now.

[Lucky Luciano]

18. Seems like they are measuring the percentage if people

that are not middle class. That is a MUCH broader definition of unemployed than I have ever seen.

[nichomachus]

12. The corporatists are working overtime in Spain too

Trying to smash the unions, privatize the profitable infrastructure, and undercut the health care system. It's a worldwide assault.

[mysterysoup]

21. "Corporatists"? Capitalists.

Many of the biggest Spanish companies are owned, not by stockholders, but by private individuals and families. So it isn't ONLY corporations, but the whole capitalist class. Why not say that instead of adopting Ron Paul-speak?

[nichomachus]

22. I say corporatist

Because people get their knickers in a knot when I say fascist.

Capitalism,per se, isn't bad. Corporatism is.

[mysterysoup]

20. 2 years zero growth & 21% out of work? That's a depression.

The biggest fear of the EU is that Spain would collapse. Well, here it is.