French unemployment edges higher adding to Hollande’s woes
The unemployment rate in France has edged higher in another blow to President Hollande’s efforts to reduce jobless rates- one of a variety of economic woes for the French leader.
10.2 per cent of the French population were out of work in the second quarter of this year, compared to 10.1 per cent in the first quarter.
The figures add to recent data showing barely any economic growth and that its deficit reduction target will be missed by 0.9 per cent. Hollande is also in the international spotlight politically this morning after halting the delivery of a warship to Russia– an action that didn’t come soon enough for some.
A rise in jobless rates, even slightly, will do nothing to turnaround perceptions of the country as the “sick man” of Europe.
The country’s new economics minister Emmanuel Macron- installed by Hollande after sacking his entire cabinet in a bid to turn things around- should take a leaf out of Tesco boss Dave Lewis' book and attempt some kitchen-sinking to distance himself from today’s dismal jobless figures.
Hollande however is likely to bear the brunt of the responsibility still.
The now-replaced economy minister Arnaud Montebourg slammed the French government, and ultimately Hollande, for failing to take sufficient action to counter austerity.
Today's numbers from the National Institute of Statistics and Economic Studies echo separate unemployment numbers published last week showing the number of people out of work in July hit a record high of 3.42m.
Not a good day for Monsieur Hollande, even on a personal level, as his former partner Valerie Trierweiler releases her tell-all book about the president today.