Spain Unemployment Falls Unexpectedly

(RTTNews) - Spain unemployment unexpectedly declined in March, data from the labor ministry revealed Monday.

The number of unemployed decreased 22,934, or 0.9 percent, in March from the previous month. Economists had forecast a monthly increase of 10,300.

The registered unemployment totaled 2.42 million, which was the lowest figure for the month of March in 18 years, the ministry said.

Compared to last year, unemployment fell 160,426, or 6.2 percent in March.

By economic sectors, unemployment decreased by 18,852 in the service sector. Unemployment in construction and industry were down 5,846 and 1,482, respectively. Meanwhile, unemployment grew by 365 in the agriculture sector.

Further, data showed that unemployment among young people aged below 25 decreased by 431 in March from the previous month. Youth unemployment reached 188,977, the lowest figure recorded for the month of March in the historical series.