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Spain unemployment rises sharply in October

 
 
 
 
 
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Spain’s unemployment has increased sharply in October, leaving some 87,000 more Spaniards without work, data from the labor ministry shows.

The ministry released the data on Tuesday, putting the number of registered jobless last month at 4.81 million.

The increase followed another rise in September of over 25,000 people.

Analysts say the reason for the two months of decline is due to layoffs in the tourism sector as the season has ended.

The country’s official jobless percentage rate hit over 26 percent in the second quarter of 2013.

The International Monetary Fund (IMF) has warned that Madrid would face five more years with a jobless rate of over 25 percent, unless the government does not implement new reforms including measures to assist firms in slashing wages instead of cutting staff.

In September, the fund added Spain to a list of countries with relatively large economic imbalances, saying that public debt continues to rise in the European country.

Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, taking millions of jobs with it.

The Spanish government has been sharply criticized over its austerity measures that are hitting the middle and working classes the hardest.

Europe’s main human rights watchdog has warned that Spain’s austerity program could have a devastating impact on children, as cuts have increased child poverty, malnutrition, and inadequate housing.

According to a report published in October, the number of Spaniards living in severe poverty has doubled to around 3 million since the economic crisis erupted.

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