Spain recently announced a 1% decrease in unemployment rate that dropped to 26% in the second quarter of 2013. this was the first decrease in two years but it's too early to celebrate...
i don't think anybody in the media bothered to ask why employment in Spain rose. at least i didn't see anyone asking this question. and i find it a very important question. unfortunately i don't have much of an official data because first of all it's not out there yet for the 2013 and secondly its not out there for free. but there is some info about the year 2012 that says that tourism to Spain rose by about 8% in that year. and i believe tourism is the key to this recent improvement in labor.
I think tourism should be booming in Spain in 2013 for the following obvious reasons. first of all lets recall what's been happening in Turkey in spring - protests and clashes with the police. Turkey is a popular place for tourists but revolts and violence don't serve as good attractions... so it's very likely that tourist flow to Turkey decreased.
but Turkey is not as popular among tourists as Egypt. and we all know what is going on in Egypt today. there is a revolution and all the potential tourists that might have chosen to go to the Red Sea are turning to countries like Spain, Greece, Cyprus, Italy and so on. by the way the situation in Egypt has not been labeled revolution yet, but i believe the conflict is escalating to the point of that very definition...
so, it's a good thing for Spain but it's not solid and it's not "economic". it's a temporary situation that, in my opinion, has nothing to do with the policies of the ECB and has everything to do with the outside circumstances that simply happened to benefit the Spanish economy a little. but comes September and the tourism season ends we will probably see another rise in unemployment in Spain unless those jobs are in fact created due to some other reasons... but i doubt it.
https://twitter.com/DonCutlass
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