French jobless at highest in over 13 years
Source: Agencies |
March 8, 2013, Friday
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Print Edition
Print Edition
FRANCE'S jobless rate hit its highest level in more than 13 years in the last quarter of 2012, underscoring the challenge the government faces over its pledge to reverse the upward trend by year-end.
Yesterday's official data prompted a renewed government plea for action at European level to spur growth as the eurozone's No. 2 economy shows increasing signs of languishing behind a more resilient Germany.
The rise to 10.6 percent is the sixth straight quarterly rise in the jobless rate in the French economy, which shed 0.3 percent in the last three months of 2012.
It brings unemployment to its highest since the second quarter of 1999 and is the latest bad news for a government that has admitted it will fall far short of growth and public deficit targets this year. Other data published yesterday showed a widening trade deficit.
"It is an uncomfortable truth for (President) Francois Hollande and another sign that France may be joining the wrong side of the eurozone team," said Julien Manceaux, economist at ING Financial Markets, forecasting that unemployment would climb as high as 11.5 percent this year.
The European Commission sees French unemployment hitting 10.7 percent this year, nearly twice the level of Germany's 5.7 percent and not much better than Italy's 11.6 percent, but still far less than in Spain and Greece.
Hollande took power last May promising to halt a relentless rise in unemployment which has left one in four youths out of work and vowing to restore France's industrial competitiveness.
His approval ratings have slumped to around 30 percent since then as his government battles against factory closures.
Yesterday's official data prompted a renewed government plea for action at European level to spur growth as the eurozone's No. 2 economy shows increasing signs of languishing behind a more resilient Germany.
The rise to 10.6 percent is the sixth straight quarterly rise in the jobless rate in the French economy, which shed 0.3 percent in the last three months of 2012.
It brings unemployment to its highest since the second quarter of 1999 and is the latest bad news for a government that has admitted it will fall far short of growth and public deficit targets this year. Other data published yesterday showed a widening trade deficit.
"It is an uncomfortable truth for (President) Francois Hollande and another sign that France may be joining the wrong side of the eurozone team," said Julien Manceaux, economist at ING Financial Markets, forecasting that unemployment would climb as high as 11.5 percent this year.
The European Commission sees French unemployment hitting 10.7 percent this year, nearly twice the level of Germany's 5.7 percent and not much better than Italy's 11.6 percent, but still far less than in Spain and Greece.
Hollande took power last May promising to halt a relentless rise in unemployment which has left one in four youths out of work and vowing to restore France's industrial competitiveness.
His approval ratings have slumped to around 30 percent since then as his government battles against factory closures.
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