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Spain's unemployment soars

Spain's unemployment soars

POSTED: Monday, March 4, 2013 - 9:00am

UPDATED: Monday, March 4, 2013 - 9:04am

Spain's already record breaking unemployment rate continues to soar.

The latest figures released monday morning show that the country's unemployment rate rose 1.2%.

Last month the official rate was at 26%, its highest level ever since record keeping began back in the 1970s.

Despite the climb, the figure was lower than estimated.

Spain's unemployment is more than double the European Union average and the situation is much worse for younger adults.

It's estimated that more than half of the country's population under the age of 30 is out of work.

Spain's government is putting in place a massive and controversial austerity program in hopes that it will stimulate the economy.


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