French Jobseekers Reach All-Time High

Despite 'market-based' appearances (CAC near price highs and OATs near low spreads), the reality in France is dismal and growing more dismal. As we have explained in great detail (here and here most recently) France's economic fortunes are depression-like and today's Jobseeker data merely goes to confirm this. The total number of Gallic Jobseekers rose to 3.26 million, the highest ever on record and is accelerating at its fastest YoY rate in over three years. This month's gain of 39,800 was far above the 30,000 expectation but have no fear as Mr. Hollande promises to do whatever it takes. Interestingly, just as in the US, it is the young (under-25 +10,800) and middle-aged (25-49 +21,400) demographic that is suffering the most while the over-50 population saw only modest rises in joblessness. No green shoots here for the EU political elite to proclaim the crisis is behind us...


And earlier from Reuters:

The number of people out of work in France hit a record high in April, the daily Les Echos said on Thursday, casting more doubt on President Francois Hollande's pledge to reverse a long-running rise in unemployment.


The number of registered jobseekers rose by about 40,000 in April from March's previous high, the financial daily reported ahead of the official publication of the figures later on Thursday. It did not quote its sources.


The data was widely expected to show another increase, marking two straight years of monthly rises and the worst level since records began in January 1996.


Without confirming the data, Prime Minister Jean-Marc Ayrault told regional newspapers he expected April unemployment data "would not be good."


"We have just had two quarters of a recession that is hitting both France and the euro zone. In this context, the job market cannot take off," he said in an interview published on Le Progres de Lyon website.

Chart: Bloomberg