Jobless Is Not Stopped In Spain-00-6552

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Unemployment months could bring far deeper disturb as Prime Minister Jose Luis Rodriguez Zapatero moves to reform the country's labor market, risking national strikes and the loss of support from sell unions, a core source of his center-left party's force. Unemployment there seems to be no prompt threat of it falling, Zapatero's minority government is already running into severe disturb.

This year does not begun in positive. The ranks of Spain's unemployed increased by 2.03 percent last month equated with January, bringing the unemployment total to more than 4.13 million, the Labor and Immigration Ministry said Tuesday. That figure is the most eminent since 1996. While new unemployment claims in February were down by nearly 50 percent from the same month in 2009, the number of unemployment has risen by more than 648,000 from January 2009, an increase of 18.6 percent. More than half of last month's job losses were in the service sector, the ministry said.

Now representing around 10 percent of Spain's 46.7 million residents, immigrants have suffered severely in the recession, with the unemployment rate amidst ...
... non-natives soaring 27. 61 percent over the last 12 months.

Labor Minister Celestino Corbacho stressed the 12-month reduction in the rate of job losses and an increase in the number of individuals registered with social security, which serves as a proxy for the level of formal employment. He similarly suggested February's unemployment figure was boosted by an increase in first-time job-seekers.

The Spanish economy remained in recession for the duration of the last three months of 2009, with GDP falling 0.1 percent from the third quarter and 3.1 percent from the fourth quarter of 2008, according to the most up-to-date report from the country's central bank.

Spanish Central Bank similarly offered a provisional estimate that Spain's gross domestic product suffered an overall decline of 3.6 percent last year, the largest drop in decades. Spain's economy has contracted for seven successive quarters. Occupation woes and tight credit will likely prompt Spaniards to continue boosting their savings, representing a drag on consumption, the bank said.

There's a halt to the sharp decline in home sales, but didn't forecast a quick return to positive growth in transactions. Real estate and construction mostly powered the Spanish economic boom of the late 1990s and early 2000s.

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