Business

SPAIN

Unemployment rate increased 3.7 percent in September

10/02/2008

The increase brings Spain's total figure to 2.62 million unemployed. 608,000 people have signed up for unemployment benefits since September 2007.
Unemployment rate increased 3.7 percent over August. Photo: EFE

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Unemployment rate increased 3.7 percent over August. Photo: EFE

Spain's unemployment rate hit an 11-year high Thursday, as the government announced that number of newly unemployed rose by nearly 100,000 in September.

The Labor Ministry said 95,367 more people claimed jobless benefits last month, an increase of 3.7 percent over August.

The increase brings Spain's total figure to 2.62 million unemployed. The ministry said that 608,000 people have signed up for unemployment benefits since September 2007.

Spain has posted more than a decade of strong growth but is now ailing because of a collapse in the construction industry and high interest rates.

Spain has the highest unemployment rate, 11.3 percent, of all the 27 European Union countries.

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