Ibex slides as Spain’s joblessness climbs to new zenith

<p>The Madrid Ibex has lost ground as unemployment climbs to fresh highs.</p>

The Madrid Ibex stock index has slipped today (October 26th) as Spain's unemployment climbs to fresh highs.

According to the National Statistics Institute, in the third quarter of the year one in every four Spanish citizens was jobless, with 25.02 per cent of people out of work.

This is up from the second quarter's 24.6 per cent and is the highest level seen since at least 1976 – the year after dictator Francisco Franco's death led Spain to democracy, Bloomberg reports.

The Bank of Spain projected this week that the country – which has the fourth-largest economy in the eurozone – would continue to struggle in the latter part of 2012 following a fifth consecutive quarter of contraction.

At 12:00 BST, the Madrid Ibex was lower by 0.9 per cent to an index value of 7708.5 points.

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