FranceUnemployment Surges To 16 YearHigh
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Europe’s second largest economy and crucial to the core founding partnership of the euro project, France, has seen its unemployment rate rise unceasingly for 9 quarters in a row now. At 11.03%, Frenchunemployment has notbeenhighersince Q3 1997. Of course, President Hollande, despite falling PMIs and rising unemployment is hopeful that things are turning around as he notes, France is "now in a phase of stabilization that remains very fragile." Some optimism can be taken from the relative stability in youth unemployment for a change but the over-50s unemploymentreachedanall-time highof 8.2%.

Chart: Bloomberg

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