Spain unemployment rate pierces 25-percent barrier
October 27, 2012, 12:01 am TWN
MADRID -- Spain's jobless rate broke the 25-percent barrier in the third quarter, official data showed Friday, as austerity cuts squeezed the recession-squeezed economy.
Tens of thousands of jobs were destroyed in the quarter even as Prime Minister Mariano Rajoy's right-leaning government pondered whether to seek a eurozone rescue for the economy.
A painful combination of spending cuts and tax increases after more than a year of recession has prompted growing street protests and unions have called a general strike for Nov. 14.
The unemployment rate rose to 25.02 percent of workers, up from 24.63 percent in the previous months.