French Jobless Reaches New Record in July as Economy Stalls

Wednesday, 27 Aug 2014 12:26 PM

 

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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.

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