Spain registers largest on record annual decline in unemployed

In spite of weakness in PMI report, which showed that manufacturing PMI reached 21 month low, according to latest data from office of the public employment service, Spain's unemployment is reducing fast, with economy gaining pace.

• In last one year to September, Unemployed has declined by 353,608 people, which stands at largest in September's history.
• Unemployment rises in September at 26,087 people, less than half the average of the last eight years (54,207) but seasonally adjusted unemployment was reduced by 9,746 people.
• The annual reduction in unemployment remains close to 8%, a rate that was not reached in September since 1999
• Last month the highest number of permanent contracts was recorded from October 2008, with full-time permanent contracts grew nearly 16% so far this year.
• Unemployment among young people under 25 years, reduced on-year in 50,844 people, rate of decline reaching 12.4%.
• Unemployment was reduced highest in Agriculture and Fisheries sector (-6.41%), followed by Construction (-2.14%), Industry (-1.02%).
• Unemployment rose in services (1.62%) and among previous unemployed (2.64%).

Though Spain over the past year has gathered pace in growth and unemployment is reducing fast, still there is a long way to go. According to latest estimate, close to 4.1 million people are still unemployed and struggling to find jobs.