Spain's unemployment falls below 3M for 1st time since 2008

ANKARA

Spain's unemployment fell below 3 million for the first time since the 2008 financial crisis, the Labor Ministry said Thursday.

The figure fell by 99,512 people in May to a total of 2.92 million, according to data provided by the ministry.

Also, the number of unemployed under 25 years dropped to 199,920, the lowest figure in the historical series.

The ministry noted that unemployment fell in all economic sectors and in all autonomous communities.

A total of 730,427 new indefinite contracts have been signed, the highest figure in one month in the entire historical series, it said, while one in two new contracts are permanent.

Meanwhile, the country added 33,366 net jobs during the month, according to separate data from the Social Security Ministry. In this way, Social Security reached over 20 million affiliates.

The number of formal jobs had already reached an all-time high in April.

On the historic drop in unemployment numbers, Labor Minister Yolando Diaz said: "The reduction in unemployment, the increase in permanent contracts and the drop in youth unemployment show a hopeful path."

"But we do not forget the people and families behind the unemployment figures. We continue to work to improve their lives," Diaz tweeted.

Prime Minister Pedro Sanchez also welcomed the figures on Twitter, saying: "Stable and quality employment is growing, permanent contracts are increasing and women and young people are improving their situation."

"We advance. With equal opportunities and social justice," Sanchez added.