Spanish unemployment is on record high 24.4%

Spain's unemployment rose to a record high 24.4 percent in the first quarter. The figure released by the National Statistics Institute on Friday shows the number of unemployed people topped 5.6 million. That's an increase of nearly 370,000 from the previous quarter.

Spain's unemployment rate is the worst in the eurozone. The country is suffering lingering economic stagnation after a housing bust four years ago.The government has introduced drastic spending cuts to reduce its debt levels, but these cuts are contributing to the country's economic contraction.

Spanish Deputy Prime Minister Soraya Saenz de Santamaria said that the government would intensify reforms to improve the job situation.

The worsening employment data came just after the rating agency Standard & Poor's downgraded Spain's government bonds by two notches to BBB+. Investors are concerned about whether the eurozone's fourth-largest economy can push through austerity measures at a time of recession and mass unemployment.