Unemployment in Spain increases by 26,087 claims

THE pace ofjob creation in Spain continued to slow down in September as the country heads into the final months before December 20’s general election.

The Labour Ministry reported that the number of unemployed Spaniards rose by 26,087, adding to two consecutive months of rising joblessness. On a seasonally-adjusted basis, unemployment fell by 9,746 people.

However 8,916 people began contributing to the welfare system, bringing the total number of contributors to 17,189,815.

Chief Spain economist at Banco Bilbao Vizcaya Argentaria, Miguel Cardoso, SA in Madrid, said“On a seasonally-adjusted basis, it was a good month. The question is whether this helps reverse the trend from the previous months, or the pace of job creation slows as the economy decelerates going into the second-half.”

Unemployment usually rises in September as temporary summer workers are laid off when the tourist season comes to a close. Even so, from a year earlier, jobless claims were 353,608 lower, the biggest September drop since official records began.

Prime MinisterMariano Rajoy’s re-election campaign is targeting faster growth and job creation, promising to have 20 million people at work by the end of his second term from the current 17 million.

Earlier this week, the Bank of Spain adjusted the government’s growth forecast, pointing to an economic slowdown. The central bank said the economy may have grown to 0.8 per cent in the third quarter, below the government’s estimate of approximately 1 per cent for the quarter.

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