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It could be worse

gqmartinez's picture

From the Times online (via CR), Spain's unemployment rate leaps to record high:

More than four million Spanish people are out of work. According to the country's National Statistics Institute a record high figure of 17.4 per cent were unemployed in the first quarter of the year.

Unemployment leapt from 13.9 per cent in the fourth quarter of 2008, the biggest quarterly jump since 1976. Joblessness in Spain has almost doubled in a year.

The Bank of Spain had previously forecast that unemployment would not surpass 17.1 per cent for the year. Alarmingly, 1,068,400 families have every member out of work.

It gets worse. There is a prediction of a 23% rate by the end of the year. Really, there is not much to add.

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