Spanish jobless numbers set to rise further

The IMF is forecasting a further deterioration in Spain’s employment situation, with a rise to 27 percent of the working population by the end of 2013. Unemployment currently stands at around 26 percent, although youth unemployment affects around half of those in the early years of careers.

The generation now in their forties have particularly been hard hit by the Spanish economy. First they suffered massive unemployment on leaving university in the 1990s, when a quarter of the workforce was without a job, and just when they had got established they were hit by the current crisis.

Spain’s social security payment for unemployment aren’t as generous as those in the UK and are offered for a finite period only, meaning the unemployed must rely upon family support. However, with so many families stretched at the moment the ability to help out unemployed family members will only last so long.

Austerity measures continue to affect many people resulting in a lack of demand for goods in Spain, resulting in an economy that is expected to shrink further this year.

Source: El Pais

Tags: Economy, socialmedia, Unemployment