French Unemployed Rise in July To New Record High

The number of people looking for work in France rose 0.8% in July to a new record of 3,424,400.

The sharp rise confirms a longer term trend with the number of jobless rising 4.3% over the last year.

President Francois Hollande has promised to kick start growth and create jobs.

But the economy has floundered, prompting a revolt against austerity by three left-wing ministers. Mr Hollande replaced them and named a new cabinet.

Prime Minister Manuel Valls had already warned that the latest figures for jobseekers would not look good.

However, he reached out to French business on Wednesday with a promise to speed up reform.

“France needs you,” he told the country’s main employers’ union, Medef. “I love companies!”

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza