BBVA expects unemployment will rise again in the first quarter of 2010
| Date: March 6, 2010 | Source: Sources |
| Category: Economy | |
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Loading ... The Research Department of BBVA expects that in the first quarter job destruction rebound despite the improvement they will experience the Spanish economy, since, according to forecasts, GDP will grow by 0.1% quarter on quarter, with which leave the 'red' and will officially out of recession.
In the overwhelming numbers of unemployed known this morning (3.48 million unemployed in February) are joined bleak outlook released by the Research Department of BBVA, which estimates that the average unemployment rate reached 17.7% this year and 19.7% in 2010. The second Spanish bank estimated that the Spanish economy will shrink this year by 2.8 percent and remain in recession in 2010, where they will fall to 0.3 percent.
In his 'Labour Market Observatory' for the month of March, which was seen by Europa Press , BBVA data underlines that unemployment and Social Security affiliation of the first two months of 2010 have shown a "road to recovery labor market less intense "than that observed during the second half of 2009.
"The labor market remains weak, no consolidation of the improving trend", experts emphasize the entity providing the employment start your recovery in the second half of the year.
BBVA said that in February the number of members to the Social Security grew by just over 26,000 people, but said that, once corrected for seasonal variations, the average membership would yield a reduction of 31,000 people.
Meanwhile, the registered unemployment in the public employment services increased by 82,000 people in February, "above expected". Without the seasonal effect, BBVA estimates that unemployment increased in the second month of the year at 41,000, a figure that is above that recorded in each of the last three months.
For BBVA, these data confirm that "has slowed the pace of improvement in the labor market" and that recovery is less intense than that experienced in the second half of last year.
