Spain’s unemployment rate rises to 2.72 million

The number of Spanish people now unemployed has worryingly risen by 0.73% since August.

According to new figures, the number of people who are now registered as unemployed in Spain has risen from the month of August to September by 0.73%, bringing the total figure up to an alarming 2.72 million.

In September, Spain reportedly gained 12,921 net formal jobs, according to the Social Security Ministry, which now means that the number of people in a formal job currently stands at 20.74 million.

Spain’s unemployment rate continues to rise

This data has been provided by the Labour Ministry and a deeper dive into the numbers shows that while 0.73% doesn’t appear to be a lot on paper, it actually turns out to be that is an extra 19,768 people residing in Spain who are now out of work.

Back in August, it was very bleak reading for the people of Spain as it was reported that their unemployment rate was double that of the European average as millions struggled to find work in a climate that is testing everyone when it comes to money and the cost of living.

Last month, it was revealed that Spain suffers from unemployment much harder than countries such as Greece (11.1%), Sweden (7.9%), or Lithuania (7.5%) as well as doing much worse than their neighboruing countries France (7.1%) and Portugal (6.4%) who reportedly have turbulent economies.

Why are unemployment figures so high in Spain?

The worryingly high unemployment rate within Spain is something that is struggling to get better or go away and many are questioning why it’s so high compared to other countries, but nobody has yet found the answer.

Professor Miguel Basterra has claimed it’s the million dollar question in Spain at the minute, he said: “That’s the million dollar question. This has been a constant in our economy for 40 years now… the truth is that I don’t think anyone has really found the answer.

“After so many years [of] changes in government and [economic] management teams, you’d think that Spain would have already implemented a solution.

“Or at least, [you’d think that Spain] could have identified the central reason of causality. It hasn’t been possible to reverse the inertia of our labor market.”

As the world continues to heal after a tough few years for businesses and economies, the people of Spain will have to hope and pray that it turns around for them soon and that more jobs become available through investment in the local areas, otherwise it’s going to continue being damning reading for everyone up and down the country.