Spain: Unemployment For Under 25s Hits 60%

Unemployment in Spain for people under the age of 25 has now reached 60%, according to officially released figures.

Overall, Spain's unemployment rate has risen to its highest level since measurements began in the 1970s, as a prolonged recession and deep spending cuts have left almost 6 million people out of work at the end of last year.

The nationwide jobless total rose to 26% in the fourth quarter of 2012, or 5.97 million people, according to the National Statistics Institute.

That is up from 25% in the previous quarter, and more than double the European Union average.

Spain sank into its second recession since 2009 at the end of 2011, after a burst property bubble left millions of low-skilled labourers out of work and sliding private and business sentiment gutted consumer spending and imports.

Efforts by Prime Minister Mariano Rajoy's government to control one of the eurozone's largest deficits through billions of euros of spending cuts and tax hikes have fuelled anger and dampened demand.

When Rajoy took office in late 2011 there were 5.27 million jobless in Spain.

The economic downturn put an average of 1,900 out of work every day through 2012 and with the recession expected to last at least until the end of 2013, net job creation is unlikely this year.

Over in the UK, the unemployment rate for those aged 16-24 was 20.5% in the period September-November 2012, unchanged compared with the previous quarter and down 1.7% compared with the previous year.

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