Spain's Jobless Rate Climbs Again

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BY ART PATNAUDE
MADRID—Unemployment in Spain rose sharply, to 27.2% of the workforce, highlighting the high cost of the euro-zone’s pursuit of austerity measures to close big government budget deficits during a prolonged economic slowdown.
Analysts said the data for the first three months of the year, released Thursday, upended Spanish government expectations of a revival of hiring by private companies to offset continuing layoffs of public employees.
Instead, tight bank credit and a lack of consumer confidence in a recovery from Spain’s deep recession have forced companies to scale back. The economy shrank 2% in the same period, the central bank said …
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Excerpt from: Spain’s Jobless Rate Climbs Again