Spanish Jobless Claims Down as Economy Recovers

Spanish Jobless Claims Down as Economy Recovers

Spanish Jobless Claims Down as Economy Recovers

The FINANCIAL -- The number of people seeking unemployment benefits in Spain fell in November amid a quickly-recovering economy, government data showed on December 2, according to Nasdaq.

The labor ministry said jobless claims dropped by 27,071 to 4.15 million, the largest drop in any month of November ever recorded in the country.

Compared with November last year, claims were down 8%, a faster pace than the 7.7% annual decrease posted in October. The number of all jobs in the economy inched higher with the addition of 1,620 jobs to 17.22 million.

The labor ministry doesn't provide an unemployment rate, which is calculated by the separate statistics body INE. According to INE's data, as of the end of September 21.2% of the country's workforce was unemployed.

In 2013, Spain emerged from its second recession in five years. Gross domestic product grew 3.4% in the third quarter this year compared with the same period a year ago, largely driven by internal demand.