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Realistbear

Spanish Unemployment Drops To 19.79%--Officially At Least

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http://www.expatica.com/es/news/spanish-news/spanish-official-unemployment-rises-for-third-month_107770.html

Spanish official unemployment rises for third month
Unemployment queues in Spain, which has the highest jobless rate in the European Union, rose for the third month running in October, the labour ministry said on Wednesday.
In October alone, the number registered as unemployed grew by 68,213 people, or 1.7 percent, from the total in September to 4,085.976, it said in a statement.
Compared with the total 12 months ago, the figure was up 7.3 percent, or by 277,623.
Construction was the only sector in which unemployment declined in October, falling 0.4 percent over the previous month.
The Spanish economy emerged from the recession it entered during the second-half of 2008 due to the collapse of a property bubble with tepid growth of just 0.1 percent in the first quarter and 0.2 percent in the second.
The labour ministry does not provide a jobless rate, but the National Statistics Institute, which uses a different calculation method from the labour ministry method, said on Friday that the rate had dropped to 19.79 percent in the third quarter from 20.09 percent in the second.

Not too bad compared with the US and ourselves--with our long term and part-time factored in we must be north of 20%?

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Perhaps they should offer sickness benefit where you are too unfit to work.

They too could then massage the figures.

http://www.indexmundi.com/g/g.aspx?c=sp&v=74

Year Unemployment rate (%)

2000 16

2001 14

2002 11.3

2003 11.3

2004 11.3

2005 10.4

2006 9.2

2007 8.1

2008 8.3

2009 13.9

Although it appears that the Spanish economy has had relative high unemployment in the past. I don't suppose the end of the tourist season helps either.

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Have they all moved here ?

There are so any Spanish people in UK now and most will tell you it's due to the economy and better pay.

Makes you wonder why the unemployment figures in Spain have gone the other way huh.

Maybe less people are claiming.

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Have they all moved here ?

No. The Spanish government are lying again

The figures are NOT seasonally adjusted, for a country heavily dependant on seasonal tourism, thats quite important.

Seasonally adjusted, the number of unemployed has risen

Edward Hugh explains it here...

But the way they present the data isn't interesting, in fact its downright misleading. In particular they chose not to seasonally adjust the data - which in a seasonally driven economy like the Spanish one with significant ups and downs in tourist activity doesn't make much sense - and this omission is not only lazy, it is negligent. As I say, it is misleading, in the same way the information on VAT returns and deficit reduction progress issued by the Ministerio de Economía y Hacienda is misleading (they do not, for example, clarifying the changed VAT refunds procedure), or in the same way the notarial contracts data gives a completely topsy turvy view of movements in Spanish house prices. At best such data gives completely meaningless information, and at worst it leads reporters who cover the Spanish economy hopelessly astray.

Thus Reuters:

"Spain's unemployment rate fell to 19.79 percent in the third quarter, the first drop since the second quarter of 2007, the National Statistics Institute said on Friday".

In fact Spain's seasonally adjusted unemployment (and this is the relevant number, as explained to everyone who ever attended a class in Econ 101) did not fall to 19.79 at the end of the third quarter (ie by September), but rose from 20.5% in August to 20.8% in September, the highest rate in the European Union, and probably in the developed world (you can check the complete Eurostat report on the September Labour Force Survey results here - the numbers are provided by the INE, even if they do not see fit to publish them in their own report).

http://spaineconomy.blogspot.com/2010/10/spains-troubling-unemployment.html

Edited by Peter Hun

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I am afraid Spain is doomed.

How long before the bond markets wake up to the falsified data coming from the Spanish Stats Office. Unemployment is rising approx 0.2% a month. The real figure is 20.8% supplied by Eurostat. The 19.8 figure is not seasonally adjusted, not sure why they would release it...

GDP data is questionable when you compare the rise in unemployment to other economies. Virtually all job creation is in the public sector. In the middle of a giant "austerity" drive.

Looks like this could be the next Greek style crisis to me.

From http://www.facebook.com/pages/Edward-Hugh/103632406357698

And in fact, far from creating jobs during the quarter, and as can be seen in the Ministry's own data if you look hard enough, seasonally adjusted the economy lost 30,000 jobs, and the number of unemployed grew by 65,000 (the apparent discrepancy is accounted for by movements in the size of the economically active population).

Even more importantly, and as reported by the Spanish website Cotizalia, of the 92,900 increase in salaried employment, 90,300 jobs were supplied in the public sector (during a deficit reduction exercise), and only 2,600 in the private sector. Indeed, when we take into account the seasonal increase in tourist related employment during the summer, underlying employment in the private sector evidently shrank significantly, as suggested by the fact that Spanish industry employed 18,300 people less at the end of the quarter than it did in June, and this is the sector which has to lead - through exports - the Spanish recovery.

90,000 public sector jobs created How exactly? In the middle of a deficit reduction program more severe than our own?

Translated Link From Spanish Website:

http://translate.google.com/translate?js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&sl=auto&tl=en&u=http%3A%2F%2Fwww.cotizalia.com%2Fen-exclusiva%2Fepa-numero-funcionarios-record-empleo-20101029-60350.html

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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