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Financial News: Spain's Jobless Rate Highest Since 2018

Spain's Jobless Rate Highest Since 2018

10/27/2020 - 05:24:00 (RTTNews)

(RTTNews) - Spain's unemployment rate increased in the third quarter to the highest level since early 2018 as the coronavirus pandemic took its toll on the labor market, the statistical office INE reported Tuesday.

The unemployment rate rose to 16.26 percent in the third quarter from 15.33 percent in the second quarter. This was the third consecutive rise and was also above economists' forecast of 15.9 percent.

The rate reached its highest level since the first quarter of 2018, when it stood at 16.74 percent.

The number of unemployed increased to 3.722 million from 3.368 million in the preceding quarter. At the same time, employment advanced by 569,600 to 19.176 million in the third quarter.

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