The monthly figures issued by the
Spanish Ministry of Employment this Monday confirmed that the number
of people out of work in the country rose by 128,242 people in the
month of October to now stand at 4,833,521.
The figures used by the Ministry of Employment differ from those of the National Institute of Statistics' Inquest into the Active Population, which recently set the number of Spaniards out of work at 5,778,100 on October 26, but they still reflect the continued upward trend in Spain.
The Ministry figures confirm a 2.73-percent rise in the number of people out of work between September and October, an increase which is partly due to the loss of jobs in the service sector as the tourism season winds down after the summer.
It is, however, the third worst October rise in unemployment since figures began to be calculated in the current manner: only October 2008, at the start of the crisis when 192,658 people lost their jobs and October 2011, when unemployment rose by 134,182, presented worse numbers.
Meanwhile 472,595 people lost their jobs between October 2011 and October 2012, a 10.84-percent increase.
The service sector was hardest hit in October with 97,610 jobs lost, but other sectors also performed badly with 24,401 jobs lost in agriculture, where seasonal factors can also be taken into account. Industry also saw 8,888 positions disappear, while the construction sector continues without showing any signs of recovery with 3,670 jobs disappearing.
Secretary of State for Employment Engracia Hidalgo commented that the figures couldn't be considered "good", but stressed that "unemployment is behaving better tan it did in 2011." The October data also confirm a worrying trend in the Spanish job market: although 1,427,173 new contracts were signed during the month, only 130,632 (just 9.1 percent of the total) were for permanent jobs and of those 130,632, just 62,360 were for full time posts with the remainder for part-time jobs.
This seems to show that the market is evolving with companies looking to take on more temporary and part-time workers: situations which offer little security to employees who in turn will be more likely to save rather than spend their earnings to protect themselves for them their contracts expire.
This situation will do little to stimulate a significant rise in consumer spending that the needed to help kickstart the economy and lead to a greater creation of wealth and jobs.
Most Popular Stories
- Bipartisan Budget Deal Gets Key Support in House
- GM to Stop Making Autos in Australia
- Clinton to Keynote Annual Simmons Leadership Conference
- Bitcoin Clones Lurch Onto Financial Scene
- Selena Gomez, Shakira Among Top Hispanic Searches
- How Bitcoin and Other Cryptocurrencies Work
- PhD Project Grooms Business Profs
- It's Primary Time in Texas
- How to Survive a Subzero Stranding
- N.M. Dems Say Nonprofit Helping Martinez Campaign