Financial News: Spain Unemployment Declines Sharply

Spain Unemployment Declines Sharply

06/03/2025 - 04:58:00 (RTTNews)

(RTTNews) - Spain's unemployment decreased sharply in May and the overall level fell below the 2.5 million mark for the first time since July 2008, the labor ministry said on Tuesday. The number of unemployed people fell 57,835 or 2.3 percent from the previous month to 2.45 million in May.

Compared to the same period of last year, unemployment declined 152,967 or 5.87 percent.

Unemployment fell across all economic sectors in May. The service sector reported the biggest fall of 42,930 in May. This was followed by 5,562 drop in construction and 4,574 decrease in industry. In the agriculture sector, unemployment fell 2,259. Further, data showed that unemployment among young people aged below 25 fell by 6,426 people in May compared to the previous month. The total unemployment was 171,003, the lowest figure in the historical series.

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