A new report has asserted that Spain's unemployment rates are moving up and are at the edge of touching 5 million. The reason being held responsible for the same is the country's recession, which has shown no signs of narrowing down so far and is continuing to persist.

It is being said that to some extent, banks in Spain, which have been struggling to tackle a property market crash, are being the reason for increasing unemployment. The rate was at 25% by the end of the third quarter, as released by the Spain's Labor Ministry on Tuesday.

The rate of unemployment is released quarterly as well as separately. It has been told that in November alone, the rise in the same was a monthly 74,296. The same means a 1.5% augment, resulting in a total of 4.9 million people, who are registered as unemployed in the nation.

The release of €39.5 billion was approved recently by finance ministers from Spain's euro partners in bailout support for Spanish banks. And only a day after, the concerning figures have been out.

The report finds that the number of jobless people in November has marked the fourth straight rise. Jobless data records are people out of job, while unemployment rate is a survey that is more reliable for the job market.