Spain's unemployment rises to 16.26% in Q3 on COVID-19 impact

Spain's unemployment rate rose faster than expected in the third quarter as the economy continued to reel from the effects of the coronavirus pandemic, data from the INE national statistics institute showed on Tuesday.

Corrects paragraph 2 to show unemployment rose to 16.26% in the July-September quarter, not April-June

Oct 27 (Reuters) - Spain's unemployment rate rose faster than expected in the third quarter as the economy continued to reel from the effects of the coronavirus pandemic, data from the INE national statistics institute showed on Tuesday.

The unemployment rate climbed to 16.26% in the July-September period from 15.33% in the previous quarter, exceeding a 15.9% forecast of economists polled by Reuters.

The rate does not include furloughed workers and other people who do not meet certain technical criteria, meaning the true figure is significantly higher.

The number of unemployed people in the country surged by 355,000 from the previous quarter to 3.72 million, marking the biggest quarterly jump since 2012, the data showed.

(Reporting by Aida Pelaez-Fernandez, editing by Nathan Allen and Inti Landauro)

((Aida.Pelaez-Fernandez@thomsonreuters.com;))

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