The yield on the 10-year government bond rose 23 basis points to 5.29%.
Spanish unemployment data for December showed a tick up in what's already Europe's worst jobless level, above 22%.
Economists were also beginning to assess spending cuts worth €8.9 billion ($6.84 billion) and government predictions that the budget deficit will reach 8%, against 6% forecast by the prior government.
Finance Minister Luis de Guindos warned in a radio interview on Monday that the deficit could go even higher than 8%.
In a research note, Goldman Sachs said while the policy measures are positive in terms of structural adjustments facing the country, they come at a "bad time" in terms of the economic cycle.
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