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Unemployment in Spain fell in July at a record pace

EUR/USD, currency, EUR/AUD, currency, EUR/NZD, currency, EUR/GBP, currency, EUR/CHF, currency, EUR/NOK, currency, EUR/JPY, currency, EUR/CAD, currency, EURO STOXX 50, index, Unemployment in Spain fell in July at a record pace

The unemployment rate in Spain fell at a record pace in July, as the labor market began to recover from the impact of the coronavirus pandemic, data from the Labor Ministry showed.

In July, exceeding the record figures of the previous two months, unemployment fell sharply by 197,841 people. Unemployment fell by 166,911 people in June and by 129,378 people in May.

Seasonally adjusted, registered unemployment fell by 191,756 people in July.

Unemployment fell by 133,658 in the service sector and by 13,158 in industry. In the construction sector, unemployment fell by 10,154 people and by 8,880 people in the agricultural sector.

Unemployment among young people under the age of 25 fell by 36,926 people or 12.34 percent in July compared to the previous month.

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The stock market has collapsed the most in almost two years
Dow Jones, index, NASDAQ 100, index, S&P 500, index, The stock market has collapsed the most in almost two years US stock indexes closed with a sharp drop on Wednesday.The S&P 500 index has collapsed at a record high since June 2020. The negative reports of the largest retailers have increased investors' fears about the recession.The US stock market fell sharply on Wednesday, which was the worst day since 2020 for two of the major indexes (DJIA and S&P 500).The DJIA index fell by 3.57%, the high-tech Nasdaq collapsed by 4.73%, the S&P 500 broad market index collapsed by a record 4.04% since June 2020.The largest retailers reported on Wednesday that rising prices, sluggish sales and supply problems are undermining their profits, writes DJ Newswires.Target shares lost almost 25%, and Dollar Tree, Dollar General and Costco Wholesale shares showed the biggest one-day drop in many years (in the case of Costco - since 2003).Against the backdrop of these disappointing results, investors once again began to reflect that the global economy is heading for recession. The latest data, which showed the force of the blow inflicted by inflation on consumers in the United States, only worsened the situation."Due to inflation, consumers no longer buy more expensive goods that they used to buy. This is evident in the data of company profit reports," NEIRG Wealth Management notes.Investors' main attention is now focused on inflation in the United States, which has reached 40-year highs, the actions of central banks planning to tighten monetary policy to combat such high inflation, as well as the consequences of these actions for economic growth.Fed Chairman Jerome Powell made a tough speech on Tuesday, saying that the Central Bank's determination in the fight against inflation should not be questioned, even if it would lead to an increase in unemployment.The difficult geopolitical situation affecting the dynamics of oil, as well as China's actions to combat coronavirus, also continues to have a negative impact on the markets.
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