More Barely Good News From Spain: Jobless Rates Down by a Hair

After two years of grinding recession, even the slightest sign of a recovery is grounds for celebration

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Andrea Comas / Reuters

Spain continued to inch out of a recession on Thursday. According to the Associated Press, its jobless rate had ticked down from 26.3% to 26.0%. This comes on the heels of yesterday’s barely good news that the economy had grown by 0.1%.

The gains may look like rounding errors, but after two years of economic measures going in the wrong direction, the first signs of growth were enough for the government to declare that a recovery had begun, thanks to its austerity measures. Still, Prime Minister Mariano Rajoy cautioned, the recovery would be “slow and gradual.”