French Jobless Reaches New Record in July as Economy Stalls

Wednesday, 27 Aug 2014 12:26 PM

 

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink

The number of people without a job in France rose in July to yet another record in the latest setback to President Francois Hollande's efforts to get unemployment falling.

The Labor Ministry said the jobless total in mainland France rose by 26,100 last month to about 3.42 million, up 0.8 percent over one month and 4.3 percent over one year.

Hollande's popularity is floundering at record lows for a French president given stagnant growth and a failure to deliver on promises to get unemployment declining.

The Socialist leader has staked his credibility on efforts to jump-start economic growth and job creation in Europe's second largest economy by slashing 40 billion euros off tax paid by companies to spur them to invest and hire.

A government reshuffle this week, in which Hollande ousted leftist Arnaud Montebourg as economy minister and replaced him with ex-investment banker Emmanuel Macron, is seen by economists as a signal the president will press ahead with a pro-business policy.

The government was forced to cut its growth forecasts for 2014 and 2015 earlier this month after data showed the French economy posted no growth in the three months to June.

© 2014 Thomson/Reuters. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Stocks Crawl to Record Close Ahead of Thanksgiving Holiday

Wednesday, 26 Nov 2014 17:12 PM

The U.S. stock market inched upward to another record close on Wednesday ahead of the Thanksgiving holiday as investors  . . .

Harvard's Feldstein: Low Oil Prices Help US as Iran, Russia Suffer

Wednesday, 26 Nov 2014 16:30 PM

Harvard economist Martin Feldstein says "the low price of oil is good news for the United States economy, because it imp . . .

OPEC Heading for No Output Cut Despite Oil Price Plunge

Wednesday, 26 Nov 2014 16:13 PM

OPEC Gulf oil producers will not propose an output cut on Thursday, reducing the likelihood of joint action by OPEC to p . . .

Most Commented
Top Stories

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved