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Spain's Jobless Level Hits Record High

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http://www.bbc.co.uk/news/business-12958329

The number of Spanish people filing for unemployment benefits rose for its eighth consecutive month in March.

The benefit claimant count rose by 34,406 people, to a new record of 4.3 million, the Labour Ministry said.

Spain's total jobless rate is released separately every three months, and includes those not claiming benefits.

In February this number stood at 4.7 million people, about 20.5% of the population, and more than twice the eurozone average.

Spain's government has imposed tough austerity measures to reduce its debts, and does not expect the economy to start creating jobs until the end of the year at the earliest.

The March data showed the services sector, which makes up around 70% of the country's economy, saw the highest number of layoffs.

Good job it's the holiday season coming up to get the unemployment figure down.

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Most people in Spain do some sort of regular work its just that they are not paying tax ;)

Barter is still used in parts of Spain....... good for them too.

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That's not going to help the govt deficit.

True but this is how Spain works everywhere its cash in hand, imo the Gov turn a blind eye to it as money earned is usually money spent .

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Maybe some of their long hours culture should be cut....

Spain has some uberlong hours, siestas like Salarymen of Japan are a myth lest you are in the public sector.

My various trips over there I witnessed 13 hour days to be normal. It was strange that the rush hour was 6am-7am and the bars were empty till 8pm as people were still working.

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Maybe some of their long hours culture should be cut....

Depends where you go, and what job you look.

Catalonia - Yes.

Basque country and Navarre - Yes

The rest - Nope.

SOme of the long hour coultures are similar to what I witnessed in Japan in the late 80s. Yes they do turn up early but, like Japan, I lot were in no state to work - pissed, too tire, unprepared. Its was purely a culture of just showing your face then skiving off.

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I wonder what the figure would be in the UK if it was calculated the same way?

From statistics.gov.uk :-

The employment rate for those aged from 16 to 64 for the three months to January 2011 was 70.5 per cent.

So 29.5% not working.

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Guest UK Debt Slave

I wonder what the figure would be in the UK if it was calculated the same way?

The best indicator of the real unemployment rate is to walk into your local towncentre during working hours and generally, you can tell who the dole bludgers and wastrels are..............................and there's a lot of them.

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The best indicator of the real unemployment rate is to walk into your local towncentre during working hours and generally, you can tell who the dole bludgers and wastrels are..............................and there's a lot of them.

What do you define as "during working hours"/? Monday to Friday between 9 am and 5pm?

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What do you define as "during working hours"/? Monday to Friday between 9 am and 5pm?

Well yes. My working hours are 5.30pm to 10:00pm...the rest of the time I can hang around the town centre, or more likely be on the sofa with computer thingie.

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Jobless claims are also on the rise (http://online.wsj.com/article/BT-CO-20110404-707531.html) up by 34,406 in a single month.

Spanish services PMI was also released today showing renewed contraction and further job losses (for the 36th straight month)

(http://www.markiteconomics.com/MarkitFiles/Pages/ViewPressRelease.aspx?ID=7889)

Then you have the loan losses on 1-2 million unsold properties, problems with controlling spending in the regions. The merger between the 3 cajas seems to have got in to difficulty also.

97% of mortgages are variable, home ownership is over 80% and the ECB is going to raise rates on Thursday. If we were in a similar position I would expect anti ECB riots to break out.

Spain seems to have the some of the worst Fundamentals of any European country. Far worse than Portugal or Ireland. I have no idea why the markets would see Spain as safer.

It may take a few years for people to wake up to the unfolding disaster and it could get real ugly when things to go south.

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Most people in Spain do some sort of regular work its just that they are not paying tax ;)

I suspect there are quite a few Brits in Spain who don't pay tax either. It's what happens when the government becomes too corrupt and fraudulent - people start to see it as their moral duty to avoid paying tax.

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Depends where you go, and what job you look.

Catalonia - Yes.

Basque country and Navarre - Yes

The rest - Nope.

Madrid has a long hours culture as well. A lot of it's to do with the half transition from the old working day which had a 3 hour siesta in the middle, so people worked later to make up for it. These days people only have an hour or so at lunch time, but they still work until the same time.

SOme of the long hour coultures are similar to what I witnessed in Japan in the late 80s. Yes they do turn up early but, like Japan, I lot were in no state to work - pissed, too tire, unprepared. Its was purely a culture of just showing your face then skiving off.

In seven years working in Madrid (3 different companies) I've never seen anyone pissed at work. That certainly wasn't the case when I worked in the UK.

The Spanish public sector has a bad reputation for non-jobs, and you do get ghost workers who have been with a company so long that it's too expensive to sack them (and they know it) but in general I find the Spanish take work as seriously as the Brits do.

Some established industries such as banking have shorter hours because the unions are stronger. E.g. they'll have a pre-agreed summer timetable where people work from about 8 to about 3 with a 20 min break. But younger industries like IT don't have that :(

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Spain seems to have the some of the worst Fundamentals of any European country. Far worse than Portugal or Ireland. I have no idea why the markets would see Spain as safer.

Potential for massive massive solar power?

That it actually has tons of food exports?

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The Spanish would be smarter to follow the French and work less hours a week, and take very long vacations. Spread the work around.

A good example is banks being open twice as long. 90% or more of the banks income comes from writing loans. Does banking as an industry write more loans being open twice as many hours a week? Nope, exactly the same. So people are working twice as long for no increase in GDP.

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  • 312 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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