News

The number of people registered as unemployed in Spain fell by 27,814 in July as more people found work in summer tourism.

The Employment Ministry says the total number of people registered as jobless is now 4.58 million. It was the fourth straight monthly decline.

Spain is in its second recession in three years with an unemployment rate of nearly 25 percent. It is struggling to avoid having to seek a financial bailout.

The country tests investor confidence Thursday with mid- and long-term bond auctions.

In the Basque Country, unemployment dropped by 267 people in July taking the total number of jobless to 157,811. This represents a 0.17% drop compared to June but represents a year-on-year rise of 17,714, a rise of 12.64% compared to last July.

The number of jobless in Navarre dropped by just 26 people in July, taking the total figure to 48,787. However, year-on-year figures show an overall rise of 16.87% in the number of people in the region out of work.

It hopes the European Central Bank will later announce measures that might ease the pressure on its borrowing costs.

Later Thursday, Prime Minister Mariano Rajoy is due to meet Italian Premier Mario Monti in Madrid.