Jobless rate may rise to 27% says OECD


Spanish registered unemployment rose for the fourth month in November as companies struggling to survive the five-year economic slump used new labour rules to fire workers. The number of people registering for jobless benefits rose by 74,296 from October to 4.91 million, the Labour Ministry in Madrid said yesterday.

That compares with an increase of 59,536 in November of last year. Spain's recession may deepen next year, which the Organisation for Economic Co-operation and Development says may push the jobless rate to 27 per cent.

Companies including Amper SA are using labour rules introduced by the government to lay-off workers more cheaply.

- (Bloomberg)