Spain's jobless rate above 20%

Spain's jobless rate above 20% - The Irish Times - Fri, Jan 28, 2011: "Spain's jobless rate rose above 20 per cent again in the last quarter of 2010 and hit its highest rate since mid-1997, more than double the European Union average and with little to suggest it will fall sharply soon.

Unemployment remains Spain's key concern and with weak growth prospects, especially consumer spending, it is likely to stick close to 20 per cent all year, economists said.

'The problem now is that household disposable income is collapsing, and the corporate balance sheet isn't in a very healthy position either. In this environment you would expect the unemployment rate to continue high, or in fact rise. Spain's problems really aren't going away,' said David Owen, an economist at Jefferies."

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