Spain's unemployment rate hits record high at 24.44 percent - 4/27/12



Newly released figures show Spain’s unemployment rate hit a new record high at the end of March, reaching 24.44 percent.
With the highest rate since 1996, the data released by Spain's National Statistics Institute indicate that some 5.6 million people are now jobless, AFP reported.
This comes hours after the New York-based Standard & Poor’s ratings agency downgraded Madrid’s long-term sovereign credit rating from A to BBB+, giving it a negative outlook.
Earlier this month, Spain’s Labor Ministry had announced a rise in the country’s jobless rate for March, saying an estimated 4.75 million people were unemployed.
In the first quarter of the year, some 37,000 jobs were lost in Spain.
The eurozone’s fourth largest economy has announced spending cuts of more than 11-billion dollars as well as tax increases to reduce the country's deficit to avoid seeking a financial bailout like Greece, Ireland, and Portugal.
Battered by the global financial downturn, the Spanish economy collapsed into recession in the second half of 2008, destroying millions of jobs.
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2 Peter 2:
1But there were false prophets also among the people, even as there shall be false teachers among you, who privily shall bring in damnable heresies, even denying the Lord that bought them, and bring upon themselves swift destruction.
2And many shall follow their pernicious ways; by reason of whom the way of truth shall be evil spoken of.
3And through covetousness shall they with feigned words make merchandise of you: whose judgment now of a long time lingereth not, and their damnation slumbereth not.



2 Timothy 3
1This know also, that in the last days perilous times shall come.
2For men shall be lovers of their own selves, covetous, boasters, proud, blasphemers, disobedient to parents, unthankful, unholy,
3Without natural affection, trucebreakers, false accusers, incontinent, fierce, despisers of those that are good,
4Traitors, heady, highminded, lovers of pleasures more than lovers of God;
5Having a form of godliness, but denying the power thereof: from such turn away.