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Jobless rate in Spain falls below 20% for first time in six years

Spain’s official unemployment rate has fallen below 20% for the first time in six years. Figures from the National Statistics Institute (INE) for the third quarter put joblessness at 18.91%. More than one in five of the country’s population was unemployed for the last 40 years. Reducing unemployment from its peak of almost 27% has been great work. Three-month summer period saw creation of 226,500 new jobs, mainly in tourism.

During the first quarter of 2013, the unemployment rate hit 26.94%, with some 6.278 million out of work. The INE’s latest figures put the number of people without a job during the third quarter of this year at 4,320,000. . This year has-been exceptionally healthy for the tourism industry, creating some 226,500 jobs in three months, putting the overall number of people in work at some 18.52 million. The other Sectors that created job opportunities include hospitality, health and retail.

While the private sector created 217,700 job opportunities, the public sector could only contribute 8,900 openings. The INE’s data suggests that temporary and seasonal work, a hallmark of the Spanish job market, is growing even in the industries like Education and manufacturing that were not as prone to it in the past.

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