Spain jobless rate stays at 17.9 %

Spain's unemployment rate has remained at 17. 9 % in the third
quarter, the highest in the European Union. The number of jobless now
stands at 4.1 million, the country's statistics agency said. The
Spanish unemployment rate had risen for the previous eight quarters
after its construction and debt-fuelled economic boom ended
suddenly. Separately, a survey showed German business confidence rose
for a seventh consecutive month in October. The Ifo institute said its
monthly business climate index rose to 91.9 points in October from
91.3 in the previous month. That is the highest reading since
September 2008. Last week, the German government and leading economic
institutes revised their forecasts for this year and next upwards.
The new forecasts predict that Germany's economy will shrink by 5 %
this year, before rebounding to grow by 1.2 % next year.