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French Unemployment Hits Record High: 80th Consecutive Month Of Rising Joblessness
While French president Hollande is busy "grilling" (in the words of The Local) president Obama over the latest US "spying on its allies" snafu, the French economy continues to deteriorate and according to the latest French labor ministry data, in May the number of French jobseekers rose by another 0.5%, or 16,200, to 3.552 million, 10k more than expected, and a new all time high.
The number was 5%, or 168,500 greater, compared to a year ago as the so-called European recovery has yet to have a positive impact on what is supposed to be Europe's second strongest economy.
Most troubling: this is the 80th consecutive month of increasing Y/Y unemployment, yet stocks are delighted of course.
Labour Minister Francois Rebsamen said Wednesday that that "by the end of the year we will see, I hope, a phase of stabilization followed by a decline in the number of jobseekers."
Well, there is still hope... at least until the ECB runs out of Bunds to monetize and starts buying it up next.
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Unemployment is bullish for stocks because the French corporations aren't paying any labor costs and because of easy lending standards they're all getting loans to buy back their stocks.
Ain't life grand for a corporation?
Et we fart in your general direction..
Just make work illegal and problem solved.
Better Call Saul Krugman
All they have to do is reduce work to 35 hours per week , give 10 weeks paid holiday per year , 100% full salary pensions , and make it impossible to fire anybody , even if they burn the company down , Oh wait ...
If only France could build warships for the EU's sworn enemy Russia then everything would be fine and dandy.
Just raise taxes to address the income inequality problem that is the most critical social issue we face in today's global economy.
LOL
"It s'all good Krugman" -- just keep printing money for near zero interest rates for banks, who can turn around and charge you 4%
Criminal
"It s'all good Krugman" -- just keep printing money for near zero interest rates for banks, who can turn around and charge you 4%
Criminal
Well it's not like they are Greece or one of those lesser countries, After all France is the special snowflake of the EU.......
Tell that to the exodus of young professionals that are leaving France in droves. There is a talent brain drain going on in France and it's accelerating rapidy.
Try setting up a small business in France , it's impossible for new startups , too many pointless regulations , massive tax and social charges , huge , pointless , beaurocracy each .gov department endlessly checking each other's documents , once verified they then lose everything so they can start the entire process all over again , all on your nickel. Ask any young French person , they all want to leave France for Canada , New Zealand , Singapore , UK , USA , Australia , China , Hong Kong. Here in London we now have 1 million hard working French people , they love the UK and the UK loves them... Fuck Socilalism .
Old professionnals are also fleing because of the taxes on capital and interests.
Since the election of a socialist president, taxes on interest became also progressive meaning that rich individuals are taxed at more than 100% if they have a return interest of less than 3.5% !!!
And they have the project to transform the last proportional taxes to progressive ones ...
The upside is that the ECB will have to continue/ramp up QE. That'll weaken the euro, and make French travel cheaper.
What's not to like?
Christine LaGarde is French. That is what NOT to like. Can't take the risk that there are more like that.
I'd rather go to Greece.
A few million more Africans and Muslims will fix 'em right up.
I feel bad for the French. They actually have a beautiful country and a great culture. Amazing food! They put a lot of effort into making good food whether it's a dine in restaurant or a cheap pizza place. The people aren't nearly as rude to Americans as the media would have you believe either. Maybe in Paris. But holy shit they have terrible leadership and have long since passed the tipping point with African and Muslim immigration. There is no turning back and there is no saving the French people or French culture for extermination.
Preach it brother, Amen.
They are soon going to be turning empty Catholic Churches into Mosques. http://www.arabianbusiness.com/france-s-top-muslim-calls-for-empty-churc...
Unemployment is bullish for stocks because the French corporations aren't paying any labor costs and because of easy lending standards they're all getting loans to buy back their stocks.
Ain't life grand for a corporation?
they pay the most labor cost of all eurozone just behind belgium.
...check your docs...
http://www.coe-rexecode.fr/public/Indicateurs-et-Graphiques/Indicateurs-...
Nope.
French corporation are not producing anything in France anymore.
And their managements teams are always in others countries with less taxes (London, Bruxelles and Geneva are quite close from Paris).
They are french only in culture and because they are in the french stock exchange !
Not to worry. France is not Greece yet. But give it a year or two.
Of course, the land of the free is far worse off than Greece with US debt and unfunded liabilities of over $1,400,000 per taxpayer compared to Greek debt of $65,000 per taxpayer.
Forward.
Bullish french revolution on a global scale.
Who needs jobs when you have Central Banks?
"Stocks love it," until the dog turns and bites.
Mon Dieu!
You see, unemployed people are good because they get money from .gov, then spend at corporate outlets.
So rather than people being productive, money printing (counterfeiting) has replaced it.
There is no need for anyone to work! Send out the checks already!
Let's get to the logical conclusion sooner rather than later!
there are french that work? when the hell did this happen
never, it is an utopia from the 70'...
France needs to immediately expand the government 30% and study the problem.
For more than half of the french socialist, the only way to go out of recession is for the governement to spend more ... They are sure. If we spend enough, all probems will be solved.
sounds like their formula must be off. Easy fix. /s
Do they not have a term like "revised"?
President George W. Bush "The problem with the French is that they don't have a word for entrepreneur."
GWB was actually correct once you realise that "entrepreneur" in French is actually a dirty swear word which actually translates into "filthy capitalist producer".
"filthy capitalist producer", otherwise known as a "contractor".
Thats it, time to start the war!
How's importing all those Muslims working out for you Pierre???
Migrants are a leading export from France to the UK.
http://www.usnews.com/news/world/articles/2015/06/24/migrants-jump-on-tr...
Les Misérables
Well done, France. I'm sure there's some magic level of socialism where its positive correlation with economic malfunction inverts. You just don't have enough socialism yet.
French unemployment may be high, but that is not going to stop a massive wave of Africans from pouring into France, nor will it stop the wave building up all across the Middle East of people heading to France. The media has woken up a fraction to what is building, but mostly they remain silent. The elite rulers in Brussels, in Corporate Board Rooms and in the Military and Intelligence agencies seem not to want to panic anyone or to stop the coming flood. That is the question I keep looking for an answer to, but get nowhere. "What are the elites thinking when they seem willing to allow a great migration from Africa and West Asia to pour into Europe unchecked."
Somebody, I think, is looking to destroy nation's ethnic make up and to end their unique political life. They seem to want to make Europe a true multi racial and multi ethnic entity ruled from Washington and Brussels. Once Europeans are minorities in Europe, then Europe can be made into just another third world hell hole to exploit for profits by the elites. Or at least that is my quess. What else could they be thinking. Zionism's biggest enemy is, and has been, independent ethnic christian nations who maintain their culture and ethnic make up. Zionism rules better a mass of rabble with no identity other than worker and consumer. Zionists run most major power center sint he western world, you only need read the names of the powerful to know this is Zionism.
The only reason they want to get to France is because it's the primary gateway into the UK.
Once in the UK , they can immediately claim Asylum which gives them access to state benefits , free heatlthcare , education for their kids , a roof over their head , and guess what , they are not even allowed to actually get a job to pay for any of that stuff.
You are 1,000% percent correct. As ISIS expands its gain into Syria - and I think they eventually take Jordan at this rate - there will be a TIDAL WAVE of Islamic Immigrants into Europe. What people are seeing right now is just the empty beach as the tide goes out.
The French answer to unemployement is building more job centres.
Don't joke, it's true. The "work minister" has announced 100 000 more false jobs on public spending just before the 2017 presidential elections ... Enough to artificially stop the unemployement rise for a few months !
The real quotation of france president (on TV, it is real) : "It's cheap, the state is paying".
Brussels, Belgium. Often wondered why it's Headquarters of NATO.
Official languages, French, Dutch and German with a lick of Flemish.
You can't take a country seriously who has other countries languages as its own, officially. Probably why NATO is H/Q'd there as it's a non-country; just a vassal of Vichy DC.
"You can't take a country seriously who has other countries languages as its own, officially."
You mean, like the US?
I agree!
US is just a vassal of UK (City of London).
The sun never sets on the (new and improved) British Empire.
https://www.youtube.com/watch?v=I8yaiN6ew_g
What is the goal?
It's going to be controversial.
The goal is to meet the challenge
of racial interbreeding.
The challenge of racial interbreeding
that faces us in the 21st Century.
It's not a choice, it's an obligation.
It's imperative.
We cannot do otherwise.
We risk finding ourselves confronted
with major problems.
We MUST change; therefore
we WILL change.
We are going to change
ALL at the same time.
In business, in administration,
in education, in the political parties.
And we will obligate ourselves
as to results.
If this volunteerism does not work
for the Republic,
then the State will move
to still more coercive measures.
~Sarkozy
'nuff said about France.
The more you try to integrate the more seperation you will get.
Birds of a Feather and all that...
Did Sarko really say that ?
Dencentralisation , BTChez , AKA our Universe..., It's what it does best ,,,,, Too much Centralisation ? Watch as it explodes right out from it's core..
Unfettered immigration of uneducated N. African mohammedians should remedy this problem.