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Spain Registered Unemployment Rate Rises for a Second Month

Spanish registered unemployment rose for a second month in September amid a worsening recession.

The number of people registering for jobless benefits rose 79,645 from August to 4.7 million, according to data released today by the Labor Ministry in Madrid. That compares with an increase of 95,817 in the same month last year.

The Bank of Spain said Sept. 26 the euro area’s fourth- largest economy is still shrinking at a “significant” pace in the third quarter. Its second recession since 2009 deepened in the previous three months, pushing the European Union’s highest unemployment rate to 24.6 percent, a record in the country’s 36 years of democratic history.

Economists contradict Prime Minister Mariano Rajoy’s forecast that unemployment has peaked at a quarter of the workforce. The proportion of jobless will rise to 26.3 percent in 2013, according to the median of six forecasts in a Bloomberg survey.

To contact the reporter on this story: Angeline Benoit in Madrid at abenoit4@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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