The unemployment rate of Spain went down to its lowest since the end of 2011, Spain's economy is now the fastest-growing in Europe. The jobless rate is down to 23.7% in 3 months up to September. Previous quarter's jobless rate is at 24.5%. Their economy grew about 0.5%.
Prime Minister Mariano Rajoy go easy on laws about wage cuts and dismissal from work back in 2012 to encourage the hiring of people from companies. However, unemployment rate is still the 2nd highest in the European Union after Greece.
Analyst Diego Trivino said that “It’ll take the economy about 8 years to recover pre-crisis job levels. Unemployment will remain high and close to 18% for the next five years.”
Economists surveyed by Bloomberg News forecast a decline in joblessness to 24.1 percent in the third quarter.
The number of jobs rose 1.59 percent from a year ago in the third quarter, INE data released today show. In seasonally adjusted terms, job creation increased from the previous three months, marking the fourth straight quarterly gain.
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