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According to the latest Labour Market Monitor published by the Association of Large Temporary Employment Agencies (Agett) and international financial analysts AFI, unemployment reached an estimated 19.9% in the first quarter of 2010. It was 18.83% in the fourth quarter of 2009.
Agett and Afi therefore estimate that unemployment in Spain now exceeds the 4.5 million mark. There is now an estimated half a million more unemployed in Spain than there were in Q1 2009. The official government figures will be published in two weeks time.
An estimated -284,000 jobs were lost in the first quarter of 2010 alone and unemployment went up by +230,000.
The Labour Market Monitor also highlights that the current paralysis in the labour market has increased the number of people who are over-qualified for their jobs. An estimated 9% or 236,000 workers with a high level of education are currently carrying out jobs, which require no qualifications at all. In 2005, this figure was only 5%.
Agett President, Francisco Aranda, said "there is an imbalance between workers' levels of qualifications and their job requirements, which means that we are wasting human capital in this country. In order to solve this problem, we need to bring the two different worlds of education and business more closely together."