Pain in Spain

Spanish unemployment has more than doubled in the last year and is now surging above the 4 million mark and heading for 5 million and an average of more than 20% of the labour force. Over 700,000 jobs have been lost in construction alone as the fall out continues from the collapse in the once-booming residential property market. As the FT reports today ““Spain and Ireland together have accounted for 75 per cent of the eurozone’s unemployment increase in the 12 months to February, even though they make up only 14 per cent of gross domestic product,” he said. “That tells you a lot about how bad their performance has been. Spanish employers are pleading for a reform of Spanish labour laws, saying it is too expensive to hire and fire permanent workers.” More here from the Independent.