Subscribe Now

travelers today

Home » Trending News

26% Unemployment Rate is a Record High for Spain

Travelers Today       By    Katie McFadden

Updated: Jan 24, 2013 10:31 PM EST

Text Size: A A A

spain
Workers of Spanish company Roca, one of the world's biggest bathroom fittings firms, check the local paper for news of their protest as they camp outside the Roca factory in Alcala de Henares, east of Madrid.(Photo : Reuters)

Think unemployment is a problem in America? Spain is dealing with a 26% unemployment rate. More than 5.9 million people are out of work in Spain.

The lowest unemployment rate in America was 25% during the Great Depression. Spain has topped that at 26.02%.

In the fourth quarter of 2012, Spain lost 363,000 jobs when the government implemented austerity measures. Those particularly affected include young people as 100,000 fewer people between the ages of 20 and 24 were employed, the Los Angeles Times reports.

Share This Story

Spain's unemployment rate is so high that it is double the rate for the rest of Europe. Many Spaniards have left the country to find jobs in other parts of Europe and the United States. According to the Los Angeles Times, 70% more people left Spain in 2011 than the year before.

Spain lost more than 850,000 jobs throughout 2012 and much of it was in the southern end of the country.

While 26% might seem bad, it may get even worse. According to The Wall Street Journal, unemployment is expected to grow due to bank closures, meaning more jobs will be lost.

"It is a very, very high figure," Soledad Pellon, market strategist at IG Markets in Madrid told MSN. "The expectation is that this figure will carry on growing during 2013. This year will still not be a year in which we will see job creation."

© 2014 Traverlers Today, All rights reserved. Do not reproduce without permission.
Join Our Conversation

ADVERTISEMENT

Travel Tips

Barcelona Smoothies

Top 5 Ways to Eat Healthy on Vacation

Eating healthy on vacation is so hard because it's your time to splurge. Here are some tips to help everyone stay on their healthy diet during their next vacation.

Subscribe to our newsletter

Receive the latest travel news, reviews, and more..

Want more Travel?

Most Popular

Military jets escort Qatar Airways plane to Manchester Airport after passenger bomb hoax

Qatar Airways Flight QR23: 'Hoax Bomb Threat' Had Plane Escorted By Military Jets, Passenger Arrested

Qatar Airways flight QR23 has been escorted by military jets Tuesday after a man was accused of making a hoax bomb threat. Due to the ‘hoax’, concerns were raised about Qatar Airways flight QR23, reports The Daily Mail.

Three-Year-Old Karina Chikitova Saved By Her Puppy

Puppy Saves Girl In Siberian Forest: 3-Year-Old Lost For 11 Days, How Was She Saved By Her Puppy?

Puppy saves girl in Siberian forest may be hard to imagine, but this story did recently happen to a three-year-old who went missing for 11 days. The story of puppy saves girl in Siberian forest happened when the girl went missing inside the Siberian forest, and 11 days later, her dog was able to lead rescuers to her location.

Three Bodies Found By Helicopter In Mt Rainier

Rainier Bodies: Three Bodies Found By Helicopter, From Climbers Who Went Missing In May? Officials Still Searching For Other Bodies In Mt Rainier

Rainier bodies recently found have been spotted on the Washington Mountain, in an area not far from where six hikers disappeared and were thought to have perished earlier this year. On Tuesday, Spokeswoman Patti Wold for Mount Rainier National Park said the Rainier bodies found were recently discovered during recent training flights.

Taser Gun

Mom Sues After 8 Year Old Tased By Police: South Dakota

Mom sues after 8 year old tased by police is a story which is currently causing major debates and concern this weekend. According to The Inquisitr, the story of mom sues after 8 year old tased by police began after a babysitter called 911, since the child grabbed a knife and obviously threatened to harm herself.

Rare whale fossil recovered by search-and-rescue team in LA

Rare Whale Fossil: 16M Years Old, Recovered In California Backyard By Search And Rescue Crews

Rare whale fossil found Friday at about 9:30 a.m. was oddly, recovered by a 10-member search-and-rescue team typically dispatched for recovery operations. The rare whale fossil was recovered on a rock in Rancho Palos Verdes, 500 square miles along the Angeles Crest Highway.

Passenger dies while on board United Airlines flight to Houston

Passenger Dies On United Airlines Flight To Houston: Did Ebola Virus Cause This?

Passenger dies on United Airlines flight to Houston on Tuesday around 9 pm. According to the Houston police, the in-flight death was officially announced at the Bush Intercontinental Airport about 11 pm, 2 hours after the death occurred. Apparently, the passenger dies on United Airlines flight to Houston as he collapsed in the plane’s aisle.

Nationwide Fruit Recall Expands, Including Organic, Listeria Infected Packaging Feared

Fruit Recall: Thousands of Listeria-Infected Fruits Recalled By California Company, Consumers Advised To Check Fruit Labels Before Purchase

Fruit recall expands and U.S. consumers are advised to check carefully labels on fruits before purchase. As fruit recall expands with a Central California company, fruits such as fresh peaches, plums, nectarines and pluots sold in the U.S. are requiring extra caution before purchase due to concerns over possible listeria contamination.

Find Us on Facebook

travelers today

© Copyright 2014 Travelers Today All Rights Reserved.

Subscribe to our newsletter
Real Time Analytics