Spain's record unemployment rate increases

Spain's record unemployment rate increases

POSTED: Tuesday, September 4, 2012 - 9:00am

UPDATED: Tuesday, September 4, 2012 - 9:05am

Spain's record unemployment rate increased by eight-tenths of a percent in August. The increase comes after four straight months of small declines. Spain has the highest unemployment rate in Europe hovering near 24%.

The situation is much worse for younger adults. It's estimated that half of the country's population under the age of 30 is out of work. Spain's government is putting in place a massive controversial austerity program in hopes that it will stimulate the economy.

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