Spain jobless rate hits record 27.2%

Spain’s National Statistics Institute says the country’s unemployment rate shot up to a record 27.2 percent in the first quarter of 2013.

The agency said Thursday the number of people unemployed rose by 237,400 people in the first three months of the year compared to the previous quarter, taking the total to 6.2 million.

The huge sums poured into the global financial system by major central banks have eased bond market pressure on Spain, but the cuts Madrid has made in spending to regain investors’ confidence have left it deep in recession.