While the big drop of 98.3K unemployed in May could have been dismissed as a “summer effect“, this fall is already more encouraging, even if it clearly seasonal. The number of unemployed people in Spain dropped by 127.248, more than 83.5K that was expected. The total number of registered unemployed people dropped to 4,763, 690.
This is the best figure for any month of June, since the series began in 1996. However, seasonally adjusted, unemployment actually grew by 996 people.
Spain has a disastrous unemployment rate of over 27%. Will this fall now?
Spanish officials have recently stated that the economy was flat in Q2 and that the country will return to growth in Q3. These optimistic statements need to be backed by data, and the unemployment still needs to continue falling, also after the hot summer months, when tourism peaks.
Also manufacturing PMI has improved in Spain: it rose to the balance point of 50 points, for the first time since April 2010. The services PMI is next.
Further reading:Â 6 Months in, What do the Forex Markets Have in Store for H2 2013?
