6 Million Unemployed in Spain

    People enter an office to register for job placement in Madrid, Spain Thursday April 25, 2013. Spain’s National Statistics Institute said the country’s unemployment rate shot up to a record 27.2 percent in the first quarter of 2013 taking the total to 6.2 million. Spain is in recession again as it struggles to deal with the collapse of its once-booming real estate sector in 2008. (AP Photo/Paul White)

    Outside job placement center in Madrid, Spain on Thursday. (Paul White/AP)

    A record 6 million people—or 27.2 percent of the population—are unemployed in Spain, the highest level for the country since it began keeping records in 1976. Luckily, there is a silver lining: authorities say the rate of the increase has at least slowed since the recession first began. Spain’s economy—the fourth largest in Europe—has relied heavily on the major central banks, but the country has been left in recession by deep spending cuts. “These figures are worse than expected,” said Jose Luis Martinez, a strategist at Citi in Madrid. Spanish President Mariano Rajoy is expected to unveil a new reform plan Friday, but thousands of protesters still converged in Madrid on Thursday.

    Read it at Reuters