Spanish registered unemployment rose for the fourth month in November as companies struggling to survive the five-year economic slump used new labor rules to fire workers.
The number of people registering for jobless benefits rose by 74,296 from October to 4.91 million, the Labor Ministry in Madrid said today. That compares with an increase of 59,536 in November of last year.
Spain’s recession may deepen next year, which the Organization for Economic Cooperation and Development says may push the jobless rate to 27 percent. Companies including Amper SA are using labor rules introduced by the year-old government to fire workers more cheaply, while nationalized lender Bankia group plans 6,000 job cuts as a condition for the nation’s European bank bailout.