Economy

Spain Feb jobless falls for first time since 2007

MADRID (AP) — Official figures show the number of Spanish people registered as unemployed fell in the month of February for the first time since the global financial crisis started.

The Labor Ministry says Tuesday the jobless total fell by 1,949 in February to 4.81 million. Though modest, that's the first drop for the month since 2007 and a further sign that the Spanish economy is recovering.

On an annual basis, the jobless figure was down by 227,736. Quarterly unemployment surveys — considered more accurate by economists — put Spain's unemployment rate at 26 percent in the fourth quarter of 2013, with 6 million people out of work. The rate is the second highest in the European Union after Greece.

Spain's problems began in 2008 with the collapse of its real estate sector.

Related Headlines

  • Mariano Rajoy

    Spain's Rajoy offers job plans as growth improves

    Prime Minister Mariano Rajoy revised upward Spain's economic growth forecasts Tuesday as he announced tax cuts and job creation incentives to give the country a boost after ... 

  • Eurozone jobless down again in March

    Further evidence emerged Friday to show that unemployment across the 18-country eurozone is falling on a consistent basis and that the region's recovery is on a sounder ... 

  • Spain economic recovery 'gathering pace'

    Spain's economic recovery will gather pace this year but unemployment is set to remain above 20 percent until 2017, according to government predictions Wednesday. 

  • Eurozone inflation drop fuels talk of rate cut

    The pressure on the European Central Bank to cut interest rates again ratcheted up on Friday after figures showed inflation unexpectedly falling further below its target.