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Spain posted biggest fall in unemployment ever recorded in May

Thursday, Jun 02 2016
Spain has posted its biggest fall in unemployment ever recorded in May as resorts hired staff ahead of a record influx of tourists, a potential boost for acting Prime Minister Mariano Rajoy in an election re-run in three weeks. Unemployment has been gradually receding in Spain since a recession ended nearly three years ago, but many jobseekers are still struggling to find work, fuelling frustrations among voters.
The number of Spaniards registering as unemployed last month fell by 3 percent from April, dipping below the 4 million threshold for the first time in six years to 3.89 million, data from the Labour Ministry showed on Thursday. Nearly 120,000 fewer people signed on as jobless, the biggest drop for a month of May on record. Job creation, meanwhile, progressed at a slightly slower pace than a year ago but was still strong, growing by over 1 percent from an already solid April. One in six jobs was in hotels and restaurants.
 
Euro is currently being traded few points below 1.12 level. Pair is likely to find support around 1.1150 handle and resistance above 1.1250 level. Later today, in the US session, ADP job figures and Unemployment Claims are scheduled for a release.
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