500% Rise in Spain's Long-Term Unemployment

With yields at record lows and stocks soaring, is it any wonder that the politicians of Europe's periphery are proclaiming victory over the crisis (and yet oddly imploring Draghi to do moar?). Perhaps, just perhaps, they are keeping one eye on the 'real' economic progress that is being made (or un-made) in their nations... such as Spain, where there are now 1.26 million people who have been jobless since 2010 and the long-term unemployment rate has risen by more than 500% since 2007.

Via Matthew Bennet of The Spain Report,

There are now 1.26 million Spaniards who have not had a job since 2010, and the total continues to rise, according to an adjunct report to the National Statistics Institute’s Active Population Survey published on May 23.

“In 2013, there were 1.276 million unemployed people who lost their job three years ago or longer, 234,200 more people than in 2012″.

The institute notes that this represents an increase of 22.5% on the figure for 2012, and that the very-long term unemployed now represent 23.1% of the total.

Edward Hugh, an independent British economist in Barcelona, told The Spain Report that: “The cost of the crisis has been distributed very unequally in Spain. Some barely have noticed it, while a growing number of others have been out of work for more than three years. Many of these people are now “structurally unemployed”, and many of those over 50 may never work again. It’s a national disaster.”

In the United States, long-term unemployment is considered to be those who have been out of work for longer than six months, but in Spain, 691,000 Spanish women and 584,000 Spanish men had not worked for more than three years.

Training For Unemployment

The break down of unemployment according to the subjects unemployed Spaniards had studied shows that, overall, those with a basic level of education are the worst hit: 32.5% are unemployed.

For men, the worst training programme to have followed in terms of finding a job upon graduation was: “environmental protection”, which shows an unemployment rate of 47.7%.

Education courses related to veterinary services, personal services, architecture and construction, and personal development also produced unemployment rates higher than 25%.

For women, the worst training option was architecture and construction, which produced a 30.7% unemployment rate.

Additionally, training programmes related to security services, manufacturing activities, social services, personal services and personal development all produced unemployment rates among women of more than 25%.

The programmes that produced the lowest rates of unemployment were mathematics and statistics (7%) and security services (7.8%) for men, and mathematics and statistics (6.6%) and life sciences (13.8%) for women.

But don't worry becaus ethe government is on it...

• *SPAIN TO BOLSTER POLICIES TO HELP LONG-TERM UNEMPLOYED: GUINDOS

Credit to Zero Hedge