While Greece continues to have everyone sitting on the edge of their seats, eyes of strayed from Spain.
There are plenty of reasons to be bullish about the country’s economy: it’s becoming more competitive, its public sector debt is low, and its banking sector is getting better.
But there’s one glaring reason why you shouldn’t be.
From BNP Paribas:
Job creations were rather strong in Germany (+0.4% q/q) and France (+0.3% q/q), but were rather disappointing in the eurozone’s other large economies. The labour market contracted 0.6% q/q in Italy and 0.4% q/q in Spain. With the exception of just two quarters, employment has fallen constantly since Q1 2008 in Italy and since Q2 2008 in Spain. Conditions in the so-called peripheral countries were also tough, and employment continued to contract sharply in Greece (-2.2% q/q) and at a slower pace in Portugal (-0.1% q/q).
It’s just a whole different world in Spain in terms of employment with protesters back on the street today across the country.
Photo: BNP Paribas
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