May 31, 2014
A New York Times article on four nights of riots in Barcelona was headlined, “In Spanish riots, anguish of those recovery forgot.” The unemployment rate in Spain was 25.3 percent in March, the most recent month for which data are available. It is down by less than 1.0 percentage point from its year ago level. At this pace of recovery, the unemployment rate will first fall below 10 percent somewhere around 2030.
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