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French Unemployment Surges As Another "Technical Glitch" Crushes Hopes Of Recovery
When France released its August Jobseekers data in August, and it beat expectations dramatically reversing the trend of ongoing malaise with little to no supporting evidence of 'why', we were skeptical. Fast forward one month and we are almost speechless in that not only are European PMIs rolling over just as we warned but the French jobs data is totally screwed up as yet another technical glitch meant 20,000 'text' messages that went unreplied were responsible for the entire improvement. French Labor Minister Michel Sapin is back tracking fast, admitting pre-emptively that "September's data won't be good... due to the 'statistical incident'." The 50k drop last month has been was bettered by a 60k rise to a new record high for French unemployment.
France reported a big "improvement" on unemployment in August. Now the labor minister Michel Sapin had to backtrack. Apparently a significant part of the improvement (20,000) was due to the fact that network provider SFR "forgot" to send 20 000 SMS messages. As these folks didn't reply to the SMS, they assumed they were employed again...
The minister is quoted :
"the numbers won´t be good for a very simple reason : as you know we had a statistical incident with SFR. This incident INCREASED THE DECREASE IN AUGUST BUT WILL INCREASE THE INCREASE in September"
Before...
August jobseekers dropped 50k to 3.2357 million... but
September entirely reverses that HOPE +60k to a new record high 3.2957 million
Source: Bloomberg and HuffPo
(h/t Nico)
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My SIL is a frog. He has very strange beliefs... Very strange - he was all for the 75% tax and that is just the beginning. My daughter does Krav and is a black belt in Tae Kwon Do - he does cardio kick boxing; she says he swings punches like a girl. Whattya gonna do?
Glitches, bitchez!
Entropy wins yet again.
I approve this message.
I like how lack of a survey response = assumed employed. Nice methodology, dumbfucks.
It amazes me that they don't investigate statistical anomolies that occur in the favored direction. I'd bet a week's pay that if the data showed 20k extra people unemployed someone would have been working to "fix" that number. See California Labor Dept for methodology.
The Eurozone tragedy continues. German employment is barely growing, France is stagnant and the remainder of the Eurozone is slowing bleeding jobs.
http://dareconomics.wordpress.com/2013/10/24/around-the-globe-10-24-2013/
What could go wrong with socialism?........
(Besides economic stagnation, job loss, looting of public funds, gov't bankruptcy, general corruption and etc.)
I'm sure it's just a statistical abberation.
Would you like to try les escargots avec le "sauce speciale"?
Q: Why do the French never perform “the wave” at a soccer game?
A: Because, that’s a gesture reserved for use only in time of war.
Even the machines will default if fed too much bullshit.
Sort of a toss up as to whom the bigger azzhole is - ObOzO or Hollande. But the frogs get credit for style points and Hollande's beaver has got the 1st wookie outclassed by a mile.
Bring back Sarko. The Western 'alliance' needs a few good men.
Yep - 3 hours lunches is a new category of job!!!
go france
Unemployment is rising in every developed nation. Every report stating the opposite is either based on faked statistics or mistakes 'socialistic' employment for 'capitalistic' employment.
Nicely said...
Wee Wee that report.
France, where everything is bitchin until the evidence shows it isn't.
We are all being fed the same "BAD MEDICINE" only the WITCHDOCTORS change from country to country. Hollande ,Obama = Same,Same
Nothing that a 20 hour work week won't solve.
Eventually people are going to figure out that with automation doing most of the "work", for people who are less intelligent than the robots, there's nothing for them to do. Right now, the robots are more intelligent than (roughly) 50% of the population.
Get real. Robots currently excel in factory settings - highly controlled environments, doing extremely repeatable tasks, like assembling cars. Let me know when you see robots fixing cars, and then i'll get worried.
The country is simply not cost competitive. Then there is the lack of investment and profitability, and the danger of disinflation.
“Should I kill myself, or have a cup of coffee?”
? Albert Camus
Re: The country is simply not cost competitive.
There's also the problem of crap saturation. How much crap does a country need to live well.
The French society is a rich as ours. Eventually, you've jammed the house with all the crap it will hold, then you fill the U-Store-IT place (yeah, they have them in France too). Eventually, you really just don't need enough new crap to support new "investment".
The perpetual growth model only works until you run out of the ability to create crap (peak crap) OR people don't need any more crap. Then what?
Fast track nuclear bitchez
You'd have thunk that after two years of plummeting numbers - then you suddenly get a + number - you might have looked for a glitch.
But nah - cover your ears and eyes and believe that the miracle you prayed for has happened