Catherwood LibraryILR School

According to a data report released today by the Spanish Government, unemployment in the first quarter of 2010 reached 20%, the second highest jobless rate in all of the European Union (second only to Latvia, and a full six percentage points higher than the next worse, Slovakia). The rise represents a one percentage point rise over the previous quarter, at 19% unemployment. Spanish officials are choosing to look at the news in a positive light as much as possible. They noted that the first quarter is generally Spain's worst, encompassing a drop off in construction, agriculture, and tourism. They remain optimistic, hoping that this will likely be the peak, and that it will be all uphill from here. Economists expect slow growth to resume in 2011, and believe the delay in Spain's recovery, vis a vis other European nations, is in large part due to the abysmal housing market and long-standing imbalances.