France Jobseekers Hit Another All-Time Record

Tyler Durden's picture

Despite the jump in French PMI (though still in contractionary region), the number of French Jobseekers rose once again (up 11.5% year-over-year) to a new all-time record. As the nation struggles with near Depression-era activity, it seems the green shoots that Draghi's jawboning once again provided today remain a long way off in real-world land.



Chart: Bloomberg

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Al Huxley's picture

Lots of people looking to rejoin the workforce!  How much better can things possibly get?

Oh regional Indian's picture

Perfect. Another round of blame the north african immigrants in 3....2.....

Not the historic slavery/moronic politics/moronic politicians and general global dysfunction that caused all this in the first place.


NotApplicable's picture

Given the labor laws, they couldn't if they wanted to. (as evidenced by the above chart)

idea_hamster's picture

I'm starting to think that this is a vote of no confidence in the government.

The French see what happened to the Greeks who relied on Big Brother's pocket change, and they're starting to realize that there will be painful cuts to the gravy train.

Better to have a job if the tax-funded trough is drying up.

knukles's picture

Suck my escargot, M Hollande

DoChenRollingBearing's picture

Since the European financial crisis came on (say, from 2010 on), it has been my contention that France is the Big Domino.  Yes, if Germany falls, TILT, game over.  But, France falling first will take Germany with it in short order.

Germany falls, we have 48 hours or less to prepare for the financial tsunami to hit our shores...

sethstorm's picture

They don't assimilate and their main productive activity(if not welfare/chain migration) is crime.  Accepting such people is counter-productive to the country in finances and diversity.

Their main purpose is to dilute the influence of the existing French populace, as certain Middle-eastern folks(yes, Islamists) do with the Nordic countries and that East Europe does for the UK.





ParkAveFlasher's picture

+1 Globalization is nothing but using nomadic labor as it fits the goal of keeping the plebes busy with intertribal warfare.

sethstorm's picture

Get rid of the 49-employee/contractor loopholes and then make the unemployed/first entrants a protected class.  Why would someone want to work if the employment laws allow for them to be considered second-class citizens in the workforce?

Surprisingly, those loopholes are what make the existing labor laws unfavorable to workers, never mind the labor code itself.

Clayton Bigsby's picture

You mean they can't just tax their way into Nirvana!? Whod'a-thunk it????

toadold's picture

What is the "black" job market likke in France now?

slaughterer's picture

Draghi does not care about France.  Well known within the ECB, and a source of anger and frustration in its ranks.  

slaughterer's picture

OT, but if there is any stock that looks like a Lead Zeppelin today it is:




Absolutely no confidence in management, future product ramps, earnings.

NotApplicable's picture

Wow, that's one ugly chart. I wonder if it will even pause at $350 once $400 is gone for good?

Good thing it isn't owned by every fund on the planet!

BandGap's picture

France, as well as other parts of the EU, is struggling mightily with hiring people just out of college. The youth unemployment is approaching that of Spain and Portugal. Combined with the perception that immigrants are cutting into the numbers and you have the making of a long hot summer across Europe. After the acceptance of the situation look for bad things to happen.

People must be streaming into Germany in serach of a job these days.

Gringo Viejo's picture

As Paulie said to Christopher:

"Yeah. I was in France. Saw your mother sellin' blow jobs under the Eiffel Tower".

If somone wants a job bad enough...there's one to be found.

slaughterer's picture



Operation Date:   06/26/2013 Operation Type:   Outright Coupon Purchase Release Time:   10:15 AM Close Time:   11:00 AM Settlement Date:   06/27/2013 Maturity/Call Date Range:   08/15/2020 - 05/15/2023 Total Par Amt Accepted (mlns) :   $3,136 Total Par Amt Submitted (mlns) :   $12,643



RunningMan's picture

It only just got worse than 1997 according to the chart. Assuming there has been population growth, the number has to go much higher for this to set some sort of a precedent. 

spanish inquisition's picture

Maybe they just need to do something with derivitives to help the economy, like Italy.

Make_Mine_A_Double's picture

If they still had the Franc this would be good news as it would be understood by the markets as an indication for more central bank stimulus.

That said Hollande for all his faults is less retardez than the asswipe we have in the Out House.

But France was a glorious place to be a student in the late 70's when basically still on the post war model economy. Very fond memories of that time.

icanhasbailout's picture

also in the new all-time record department: US new home prices


Probably take you a year just to detail all the boondoggle that managed to create this outcome.

Joe A's picture

Perhaps they can all be hired to bake cake