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Number of unemployed in Spain rose by 14,435

Friday, Sep 02 2016

Spanish unemployment rose for the first time in five months in August, coinciding with the tail-end of a bumper tourism season, though the underlying pattern suggested a long but gradual recovery in the labor market remains on track. A record summer for tourist arrivals has helped the economy shrug off a prolonged period of political uncertainty and, seasonally-adjusted, the number of people registered as jobless fell by 24,462 people in August, Labour Ministry data showed on Friday.

But compared with July the jobless number rose by 0.39 percent, or 14,435 people, leaving 3.7 million out of work. Increases in unemployment are common in Spain in August, as factories reduce activity in what is the peak holiday season and many private sector teachers fall off the social security registers that track job creation in the lull that precedes the start of the new school term. Hotels and restaurants, meanwhile, continued to create jobs last month though the services sector as a whole laid off staff, the ministry said.

 

Euro is currently being traded around 1.12 area. Pair is likely to find support around 1.11 handle and resistance above 1.1250 level.

More in this category: « Unemployment Claims up to 263,000 UK Manufacturing PMI increased to 49.2 »

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