France Unemployment Highest Since 1997

In the easy to see coming category (thanks to the socialist policies of French president Francois Hollande) French unemployment level hits 15-year high.

Unemployment numbers in France rose by 43,000 in January to 3.16 million, an increase of 10.7 percent from last year, the labour ministry revealed on Tuesday. The figure is at its highest since January 1997, when it reached 3.19 million.  

Rising unemployment is a setback for Socialist President Francois Hollande, who has pledged to curb the unemployment rate from the current level of more than 10 percent to a single-digit figure by December.

But mounting economic problems have already forced Hollande to abandon a goal to reduce the fiscal deficit to 3 percent in line with European Union norms after slashing this year's growth forecast.

His government is struggling with weak growth, poor competitiveness, thousands of layoffs and general economic gloom.

This is going to be a bleak year for Europe, with France leading the way.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com