Spanish jobless numbers fall for fifth straight month in July

MADRID - Reuters

Spain’s unemployment numbers fell to 65 million people with a 1.4 percent decreasein July from the same month a year earlier, official data show. AP photo

The number of registered jobless in Spain fell in July from a month earlier, the fifth straight month of declines, the Labour Ministry said on Aug. 2, boosted by seasonal factors including a strong tourist season.

Jobless numbers fell by 1.4 percent in July, or by 64,866 people, leaving 4.7 million people out of work, the data showed.

The follow a quarterly survey by the National Statistics Institute which reported an unemployment rate of 26.3 percent in the second quarter with 6 million people unable to find work.

“In annual terms, employment continues to be destroyed and unemployment continues to be generated, but less than before and this points to a change in trend. It suggests that the unemployment rate could be similar in the third quarter as the second,” said Estefania Ponte, economy and strategy director at Cortal Consors.

Registered jobless numbers rose 2.4 percent in July from a year earlier, the ministry figures showed.
Spanish unemployment has soared to record levels since the property bubble burst in 2008 and is expected to remain high for years to come as the battered economy, in recession since the end of 2011, struggles to return to sustainable growth.

The Labour Ministry tends registered jobless figures tend to be lower than the statistics institute’s estimates as the disillusioned long-term unemployed, who’s benefits end after two years, stop signing on.