Business News
Spanish jobless highest in 12 years
Dec 2, 2008, 8:59 GMT
Madrid - Unemployment in Spain climbed in November for the eighth consecutive month, increasing by about 170,000 to nearly 3 million, the highest since February 1996, the Labour Ministry announced Tuesday.
The service and construction sectors were affected most, the ministry said.
Spain's unemployment has risen by nearly 43 per cent over the past year. European Union statistics put the jobless level at 12.8 per cent.
The government recently announced an 11-billion-euro (14-billion- dollar) stimulus package to shore up the economy in the face of a slowdown caused mainly by the international financial crisis and the meltdown of Spain's key construction sector.
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