Spanish jobless claims rise in October with election looming

Jobs factor: Spain’s unemployment rate has fallen to its lowest level in over four years and is now lower than when Prime Minister Mariano Rajoy took office, potentially boosting his chances in an election less than two months away. Frustration over an enduring jobs crisis will weigh on the Dec 20 vote. – Reuters

MADRID: The number of people registered as unemployed in Spain rose more than economists expected in October, weeks before a general election pegged to jobs and growth.

Jobless claims rose by 82,327, the Labour Ministry said, compared with a forecast of 71,000, according to the median estimate in a Bloomberg News survey of six economists. On a seasonally-adjusted basis, jobless claims fell by 6,727. From a year ago, unemployment has declined by 350,435 to 4.2 million. That’s the biggest drop for October since the series began, the government said.