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That was the highest rate since the first quarter of 2019 as the Covid-19 crisis escalated. According to OECD forecasts, unemployment in Spain may surge to 22 percent by the top of 2020, if there may be not a second wave of infections. July 28, 2020 . Youth unemployment refers to the share of the labor force ages 15-24 without work but available for and seeking employment. This is partly as a result of the nation applied one of many strictest lockdowns in Europe, which introduced financial exercise to a halt. The unemployment rate in Spain fell 13.92 percent in the third quarter of 2019 from 14.02 percent in the previous three-month period but above market forecast of 13.85 percent. Spain's unemployment rate increased to 14.41 percent in the first quarter of 2020 from an 11-year low of 13.78 percent in the previous three-month period, below market expectations of 15.60 percent. However, if there’s a second wave, as many as 25.5 percent of Spanish employees may face unemployment, which might make its labour market one of many worst-hit in Europe.The current information nonetheless doesn’t present the total extent of the unemployment disaster.

The crisis has damaged the fragile recovery of Spain’s labour market which in 2013 registered an unemployment rate of 27 per cent. According to information launched on 24 July, it has to this point recorded over 270,000 instances and greater than 28,000 deaths. Spain: Unemployment rate increases to two-year high in Q2 on Covid-19 fallout. We'll assume you're ok with this, but you can opt-out if you wish.

The jobless rate climbed from 14.4% in the first quarter to a two-year high of 15.3% in the second quarter, reflecting the labor market fallout from the strict lockdown measures put in place to curb the spread of Covid-19. Unemployment rate increases to two-year high in Q2 on Covid-19 fallout Spain’s labour market may turn into one of many worst-hit in Europe Spain’s unemployment rate rose to 15.33 percent within the second quarter of 2020, in accordance to information launched by the National Statistics Institute on 28 July. Experts concern that the scenario will solely worsen. This was on the grounds that they don’t match the technical standards for unemployment, which incorporates actively job-seeking.Spain is among the many international locations worst affected by the Corona Virus pandemic.

Tens of hundreds of firms in Spain have signed their staff up to the nation’s furlough scheme, however these employees will not be thought of unemployed within the survey.


Spain’s unemployment rate rose to 15.33 percent within the second quarter of 2020, in accordance to information launched by the National Statistics Institute on 28 July. Spain's Unemployment Rate increased to 14.41 % in Mar 2020, from the previously reported number of 13.78 % in Dec 2019. Looking at the details of the release, the contraction in sales was less severe in both single retail and small chain stores compared to May.

Its already-vulnerable financial system has additionally taken a battering. In the primary quarter of the 12 months, unemployment in Spain stood at 14.41 percent – greater than double the EU common.Subscribe my Newsletter for new blog posts, tips & new photos. Save my name, email, and website in this browser for the next time I comment. The figure came in below market expectations; that said, it masks the full extent of the crisis by not counting those under temporary furlough schemes as effectively unemployed and not reflecting the more than one million workers who were classified as inactive as they were unable to actively look for work. Jobless claims rose … The National Institute of Statistics has additionally determined to exclude from the info over one million individuals lately made unemployed. This website uses cookies to improve your experience. @2019 - All Right Reserved.

Since then, the situation has improved, with the rate dropping to 13.8 per cent at the end of 2019, its best figure in years — although it remains the second-highest figure in the eurozone after Greece. The country's unemployment rate rose to 15.33% in the quarter from 14.41% in the first quarter of 2020, Spanish statistics office INE said Tuesday.

Reflecting a much weaker contraction of the manufacturing sector and a return to growth by the services sector, the IHS Markit composite Purchasing Managers’ Index (PMI) jumped to 49.7 in June from 29.2 in May. The jobless rate climbed from 14.4% in the first quarter to a two-year high of 15.3% in the second quarter, reflecting the labor market fallout from the strict lockdown measures put in place to curb the spread of Covid-19. In absolute terms, the number of unemployed workers stood at 3.37 million, above the 3.31 million recorded in the previous quarter.

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