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Nearly 5 million jobless in Spain

The number of people officially registered as jobless in Spain climbed by 74,296, or 1.54 per cent, in November to 4,907,817.

BT Online Bureau   Madrid     Last Updated: December 5, 2012  | 00:00 IST

The number of people officially registered as jobless in Spain climbed by 74,296, or 1.54 per cent, in November to 4,907,817.

According to the figure released by the Spanish Employment and Social Security Ministry, over the 12 months ending November 30, the ranks of the unemployed rose by 487,355, or 11.02 per cent.

November marked the fourth consecutive month with an increase in the number of unemployed people in Spain, which has a population of roughly 47 million.

It marks the second worst November since records began to be kept in 1997, topped only by 2008, when the number of unemployed increased by 171,243 people.

The services sector was the hardest hit by job losses, with 63,166 people being laid off.

Eurostat, the European Union's statistics office, had said last Friday that Spain's unemployment rate rose to 26.2 per cent in October, up from 25.8 per cent in September and the highest rate among nations in EU.

The Spanish economy remains hampered by the fallout from the collapse of a long-building housing bubble, which left many of its banks saddled with toxic assets and created an overhang of unsold homes.

Weak domestic demand and a slowing global economy have made Spanish businesses reluctant to invest in expansion or new ventures.

Median annual household income in Spain has fallen 1.9 per cent this year to 24,609 euros ($32,193), according to the latest national survey on living conditions.

With Spain mired in recession for the second time in four years, 12.7 per cent of families said they struggle to make their money last until the end of the month, compared with 9.8 per cent last year.

With inputs from IANS

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