Spanish unemployment falls for first time in two years - but more than one in four are still jobless

The Spanish unemployment rate has fallen from 27.16 per cent to 26.26 per cent in the second quarter, according to survey data from the National Institute of Statistics.

Economists had been forecasting another rise, to 27.3 per cent, so this is some welcome news. It's the first fall in two years, and the largest since 2005.