FX.co ★ Spain Jobless Rises More Than Expected

In October, Spain saw a more substantial increase in registered unemployment than anticipated, with an additional 22,101 people joining the ranks of the unemployed, surpassing the market's estimate of 5,200. This brought the total unemployed to 2,443,766 individuals. Sector-specific data shows a decrease in unemployment within the construction industry, which saw a drop of 2,121 individuals. Conversely, unemployment rose significantly in the services sector by 18,496, in agriculture by 1,270, and in industry by 1,148. The number of those without prior employment also increased by 3,308. Youth unemployment, for those under 25, experienced a rise, with 10,082 more unemployed, while unemployment for individuals aged 25 and older increased by 12,019. All 17 autonomous communities experienced a rise in unemployment, with Castilla y León (+2,545), Andalusia (+2,535), and Catalonia (+2,423) leading the surge. In terms of provinces, only five saw a decrease in unemployment, notably Valencia (-958), Córdoba (-288), and Almería (-263). The remaining 47 provinces recorded increases, with the most significant surges in Madrid (+2,281), the Balearic Islands (+1,631), and Santa Cruz de Tenerife (+1,503).