It's not been a great couple of years for French President Hollande, with joblessness soaring to record highs almost unabated since he took office, he has now been forced to scrap his "super-tax" plan to solve the socialist utopia's problems.But joblessness is the symptom of the 'death cross' that is occurring in France as bankrupticies soar to record highs and firms' profitability craters.
The French Death Cross...
And as Bloomberg's Maxime Sbaihi notes, French households continue to use rising real wages to increase savings rather than consumption. There’s no reason why this should change as surveys indicate that consumers remain worried by the near-term outlook.
Source: Bloomberg Briefs