Spain’s Unemployment Rises To Record Levels

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A Line Outside A Government-Run Employment Office In Madrid

The unemployment rate in Spain has risen up to 24.4%, or 5,639,500 people, a new record high.  It is not the only bad statistic for Spain, either.  Retail sales dropped 3.7% in March, the 21st straight month the number has fallen.  The county’s debt has also been downgraded by Standard & Poor, which makes it harder for Spain to get a loan.

The figures confirm what many feared – that Spain has fallen back into a recession.  Five years ago, the unemployment rate was only 7.9%, meaning it has multiplied nearly four times.  The country’s economy has been on a free fall since then, and it seems the government has no answers.

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