MADRID — The hole in Spain’s economy is getting deeper.
The government reported Friday that unemployment rose to 24.4 percent in the first quarter — compared with 22.9 percent in the fourth quarter — and that more than half of Spaniards younger than 25 are without jobs.
The bleak employment news came one day after ratings agency Standard & Poor’s downgraded the country’s debt.
The Spanish economy is in recession for the second time in three years as the damage from a housing bust persists. Foreclosures are rising, Spain’s banks are in worse financial shape, and the government’s deficit is hitting worrisome levels.
The first-quarter employment data showed that 365,900 people lost their jobs, bringing the number of unemployed Spaniards to 5.6 million. The unemployment rate for people younger than 25 climbed to 52 percent, up from 48.5 percent in the previous quarter.
The figures were another blow to the conservative government of Prime Minister Mariano Rajoy after Standard & Poor’s late Thursday became the first of the three leading credit-rating agencies to strip Spain of an A rating.
