Spain’s ‘Dysfunctional Labor Market’ Has De Cos Worried

(Bloomberg) -- Bank of Spain Governor Pablo Hernandez de Cos calls his country’s labor market “dysfunctional” and a look at the data explains why. Spain has had a double-digit unemployment rate for years. The government put a furlough program in place to avoid an even bigger spike in unemployment during the pandemic, but the coronavirus crisis has exacerbated the country’s joblessness problem. Euro-area officials are nervous that Spain doesn’t have a grip on the health crisis, which could worsen the economic outlook.

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