26% Unemployment Rate in Spain Says Report

It is ridiculously high – Spain just recorded a 26% unemployment rate! In the latest numbers for the fourth quarter of 2012, the European country registered a 26.02%, one of the highest rates in the developed world. That is equivalent to 5.9 million people out of work in the country.

In the previous data there were 5.77 million people unemployed (25.02%), that’s a 3.24% change.

According to LA Times, Spain shed 363,000 jobs in the fourth quarter as the government implemented austerity measures to satisfy bond holders.

Young people, aged 20-24, have been especially affected by Spain’s economic condition now.