Spain's unemployment is falling at the fastest rate ever recorded

Bull fightREUTERS/Susana VeraSpanish bullfighter Juan Jose Padilla kneels down in front of a bull during the last bullfight of the San Fermin festival in Pamplona July 14, 2012.

Spanish unemployment fell twice as fast as analysts expected in April — will a massive plunge of 118,923. It’s the season for hiring in Spain, but analysts had expected a drop of less than 65,000.

According to Spain’s government, that’s the best figure ever seen in April, and with 351,285 people leaving unemployment in the last 12 months, the fastest drop on record.

In the last seven years, unemployment fell by just 25,000 on average, underscoring just how impressive this month was.

There are still well over four million people out of work in Spain, with an unemployment rate over 20%, so celebrations might have to wait.

But April’s jobs figures are just the latest suggesting that the country is in the middle of a solid recovery. GDP rose by 0.9% in the first quarter, smashing analyst estimates.

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