MADRID - The number of people registered as unemployed in Spain increased by 79,154 people in October in comparison with September, according to data published on Tuesday by the Spanish Ministry of Employment and Social Security. The figure meant that unemployment increased by 1.78 percent from September to October, bringing the total number of unemployed people to 4,526,804. The rise was mainly due to the end of the tourist peak season in the country, which traditionally causes a rise in unemployment. Unemployment increased in all sectors except in construction, where it fell by 8,975 people. It rose by 24,606 people in the agriculture sector, by 61,224 people in the services sector, and by 3,043 people in the industry sector.
According to the ministry, the number of unemployed men increased by 40,459 people to a total of 2,136,227 people, while the number of unemployed women increased by 38,695 people to a total of 2,390,577. Spain's Prime Minister Mariano Rajoy emphasized on Tuesday that the number of people registered as unemployed in October was 284,579 people less than the same time last year.
LONDON - Eurozone manufacturing purchasing managers' index (PMI) was at 50.6 in October, up from September's 14-month low of 50.3, reported Markit on Monday.
The eurozone manufacturing sector remained in a state of near-stagnation in October, as weak demand continued to restrict growth of both output and employment across the board, Markit reported. Only four countries' manufacturing industries signaled expansion during October; they were Ireland, the Netherlands, Spain and Germany. Irish PMI remains far out in front and is ticking higher following a slight easing in September. Germany was the only other nation to show improved overall manufacturing performance in October. But national PMI data highlighted the ongoing performance disparities between countries. The downturn in France snowballed and Italy fell back into contraction. Austria fell further from the rest of the pack as its PMI sank to a two-year low.
"Final manufacturing PMIs for October suggest that global growth may be slowing a little at the start of Q4, dragged down by the euro-zone's chronic problems," said Andrew Kenningham, global economist at Capital Economics, a London-based economic research company. Rob Dobson, Senior Economist at Markit said: "The performance of eurozone manufacturing remained broadly flat at the start of the final quarter, as the sector struggles to recover the traction lost following its mid-year slowdown. Manufacturing is therefore unlikely to provide any meaningful boost to the currency union's anaemic GDP growth." Markit is a global provider of financial information services. It produced the Eurozone Manufacturing PMI based on original survey data collected from a representative panel of around 3,000 manufacturing firms.
LISBON - The Troika of international lenders will complete their first assessment of the Portuguese economy since the country ended its bailout program in May this year, according to Portuguese media reports. The center of the debate during the Troika's one-week visit has been the state budget for 2015. According to local media, the three financial heads, namely the European Commission, the International Monetary Fund and the European Central Bank, are likely to praise the government for positive results but will also call on the country to stick to budgetary control measures and targets set out in May. The country is expecting its economy to grow 1.5 percent next year. In light of this, the budget will see certain tax raises, such as that on tobacco, alcohol and fuel while others will lower, such as the tax companies pay for employees. Personal income tax will only be cut if the government manages to clamp down on tax evasion and fraud, it said. Portugal is attempting to cut its budget deficit from 4.9 percent in 2013 to four percent of GDP this year and to 2.5 percent next year. The debt-laden country signed a 78-billion-euro bailout (about 97 billion U.S. dollars) with the Troika in May 2011 and this program officially ended in May this year, marking a "clean exit" without a credit line.
LISBON - The Troika of international lenders will complete their first assessment of the Portuguese economy since the country ended its bailout program in May this year, according to Portuguese media reports. The center of the debate during the Troika's one-week visit has been the state budget for 2015. According to local media, the three financial heads, namely the European Commission, the International Monetary Fund and the European Central Bank, are likely to praise the government for positive results but will also call on the country to stick to budgetary control measures and targets set out in May. The country is expecting its economy to grow 1.5 percent next year. In light of this, the budget will see certain tax raises, such as that on tobacco, alcohol and fuel while others will lower, such as the tax companies pay for employees. Personal income tax will only be cut if the government manages to clamp down on tax evasion and fraud, it said. Portugal is attempting to cut its budget deficit from 4.9 percent in 2013 to four percent of GDP this year and to 2.5 percent next year. The debt-laden country signed a 78-billion-euro bailout (about 97 billion U.S. dollars) with the Troika in May 2011 and this program officially ended in May this year, marking a "clean exit" without a credit line.
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