Spain’s unemployment rate rose to a 15 year high in the final quarter of 2011. Spain’s unemployment level increased to 23%, surging from 21.52% in the previous quarter. At the end of 2011 Spain had 5.3 million unemployed, higher than 4.9 million in the 3rd quarter, according to National Statistics.
One third of total Euro zone unemployment is in Spain.
The vast majority of Spain’s unemployed are young adults. 87% of Spaniards between 18 and 24 still live with their parents.
Spain’s GDP contracted 0.3 during the fourth quarter of 2011 and is expected to slide further in next few months.
Davos Switzerland- Wold Economic Forum
IMF Managing Director Christine Lagarde told Bloomberg during an interview that Greece’s debt ratio of 120% to GDP is sustainable.
She admitted that she’s not satisfied with the progress Greece has made on structural reforms.
Talks on Greek debt swap made some strides yesterday and continue today.
U.S. Market Moving Data
The U.S. economic agenda today is expected to focus on the latest U.S. GDP number, University of Michigan consumer sentiment, and inflation expectations.
GDP forecast is 3.o %, Briefing.com forecasts 3.2%. Previous GDP was 1.8%.
A variety of central bankers are talking with ECB Mari Draghi at 1:15 GMT.