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Latino Daily News

Monday May 2, 2011

More Bad News for Spain With Unemployment Rate Hitting 21.3%

More Bad News for Spain With Unemployment Rate Hitting 21.3%

Photo: Spain's Unemployment Hits 21.3%

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Spain received more bad news - news that will affect its ability to recovery economically – when its unemployment rate hit 21.29% for the first quarter of the year.

The unemployment rate, that was already at record levels, now represents that 4.9 million Spaniards are without work.  The first quarter report shows that all sectors of the economy lost jobs with no industry left untouched. 

This news comes in light of an austerity program that all Spaniards are living under as the country tries to reduce its public deficit and not declare itself insolvent.