Spain's Unemployment Rises

Spain has seen unemployment rise to almost 18%. This is a doubling of unemployment over the past 12 months. The Bank of Spain predicts the unemployment to reach n early 20% by 2010 (at the end of thsi year). Mr Granado also said that 2009 was expected to be the worst part of the economic downturn. The National Statistics Institute said Spain's unemployment rate at the end of the first quarter of 2009 was up 3.45 % (percentage points) from the end of the fourth quarter in 2008. This is a huge rise, and rather scary situation that Spain is in. Spain has implimented a 70 billion dollar stimulus package to help the rise of jobs and create new job markets. Spain's unemployment rate is almost double that of the entire United Nations average. I think that Spain will be the first of many countries who will see unemployment and the job market decline as the months roll by. If the United States were to see these kinds of numbers, many people who probably be asking questions. The stimulus package President Obama has set forth will nto see results until months to come. Though it may be a temporary solution to a long term issues, we will have to wait and see what becomes of our economy. The best thing for us to do right now is to save and spend accordingly. I doubt we will see a rate of unemployment as high as Spain's I do not think this recession will become the depression of the 21st century. When we start seeing tents appear in Central Park again, then we should worry on a macro level. But that's not to say that on the micro level, families should be wondering of their fate in the job market.