Spain's jobless rate hits record high

NEW YORK. April 29. KAZINFORM  Spain's notoriously stagnant job market is at the root of its economic crisis, which is a serious problem that is expected to get worse before it gets better ... if it gets better.

"The rate of job destruction proved to be very worrying," wrote Societe General analysts Michala Marcussen and Michel Martinez on Friday, after the Spanish government reported that its unemployment rate rocketed to a record high of 24.4% in the first quarter,  CNNMoney reports.

That was an increase from the already-astronomical rate of 22.9% in the fourth quarter of 2011. Spain has been haunted by high unemployment for many years, particularly with young people, but this is the worst it has ever been. The total number of jobless rose by 365,900 between January and March 2012 to hit 5,639

Details also at http://money.cnn.com/2012/04/27/news/economy/spain-jobs-growth/index.htm?hpt=hp_t2