BBC NEWS | Business | Spain jobless hits 12-year high
This is very worrying for Spain, but really it only proves that the economy is not diverse enough, having no non-service industry sector worth mentioning for example.
The Spanish economy is typical of an economy that will fare well in good times and collapse broadly in bad times since its activities are based around tourism, property and such things.
Yet, European unemployment rates remain resilient only climbing 1% the last year, as compared with the US for example where unemployment rates have risen almost 3% in the same period.
For Europe its interesting to break it into regions..
Eastern Europe, except Poland have seen a great number of rise in unemployment, while most western European countries with exception of Ireland, Spain, the UK and Sweden have actually seen a reduction in the rate or no change.
It makes for very interesting numbers to chew on..
But these numbers are until November only. It will be interesting to see further development. My hope is that they can stay resilient, but analyzes tells me otherwise.