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Spanish Unemployment Falls on Summer Work

Posted by Joseph Trevisani on Jun 4, 2013 1:33:00 PM

The number of people registered as unemployed with the Spanish government fell by the largest amount in eleven months as firms took on temporary help for the summer tourist season.

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The Labor Ministry in Madrid said the jobless rolls decreased by 98,625 in May.  It was the second largest decline in the records which begin in 1996.

In the late spring and early summer the Spanish economy normally creates between 50,000 and 90,000 jobs as visitors, primarily from northern Europe, converge on the country's Mediterranean resorts in July and August.  These jobs finish as the season ends and the unemployment numbers usually show increases in the fall that mirror the decreases of the spring.

Unemployment in Spain was 27.16% of the working population in the first quarter of the year,  the highest on record and up from 26.02 % the previous quarter.  The low had been 8.00 % in the second quarter of 2007.  The unemployment rate among workers younger than 25 was 56.40% in the first three months of the year.

 

Joseph Trevisani

Chief Market Strategist

WorldWideMarkets

Charts: Bloomberg

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