The Corner

Spain, Draining

The numbers are shocking, and so is the pace of the decline. Bloomberg News has the details:

Spain’s unemployment rate rose to 24.4 percent, the highest in 18 years, as the euro area’s fourth-largest economy entered its second recession since 2009 amid the deepest austerity efforts in more than three decades. The jobless rate advanced in the first quarter from 22.9 percent in the previous three months, the National Statistics Institute in Madrid said today. Unemployment was higher than the median estimate of 23.8 percent forecast in a Bloomberg survey of three analysts… The yield on Spain’s 10-year benchmark bond has risen about one percentage point since early March to 5.99 percent today, approaching the 7 percent level that helped force Greece, Ireland and Portugal into bailouts.

Unemployment among the under 25s now stands at 52 percent.

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