Spanish Employment Rate At 23 Percent

In Spain's fourth quarter financial report, it was announced that Spain has a gigantic rate of unemployment, nearing close to 23 percent. Unfortunately, this amount looks to be steadily rising, up from a rate of 21.5 percent back in the third quarter of Spain's financial quarter. For comparison, the United States rate of unemployment has taken a steady decline down from nine percent since last year. Along with close to a quarter of the population being without work, officials say that Spain's domestic outcome has fallen 0.3 percent. These results from the most recent budget evaluation are giving more and more signs that steps are needing to be taken to repair Spain's economy.

While their Prime Minister has been making necessary budget cuts and increases in taxes, there is still a need for more efficient means of softening their deficit while not hurting citizens. Over the past year, Spaniards have been taking to the streets to protest the harsh austerity measures made by the government. While it is still being decided what the measures will be best for the Spanish people, the European Union has made the commitment to working towards taking Spain away from the threat of recession. However, it is not just Spain's economy that needs repairing. Over the entire European continent, other countries such as Italy and Greece are bringing down other countries economic condition with their outstanding debt. Hopefully, through efficient measures such as making the Euro currency better and more economic, that the general European economy can be repaired.

-Nate

Sources:
CNN
U.S. Edition
NY Times
Nidata Plus
Reuters