Under the leadership of President Francois Hollande, French unemployment hit a record high this month. More than 3.3 million people are now registered as out of work.
The BBC reported:
French unemployment has hit a record high with more than 3.3 million people now registered as out of work.
In December, 10,200 more people were listed as jobless, breaking President Francois Hollande’s promise joblessness would fall by the year end.
The French unemployment rate is now 11.1%. It went up by 5.7% in 2013, and rose 0.3% in December.
In Ankara, Turkey, Mr Hollande said ahead of the release: “Stabilisation, which we have achieved, is not enough.”
Mr Hollande, whose popularity is languishing at record lows, had made reversing the trend in unemployment one of his top priorities last year.
The French Labour Ministry said the rate of unemployment appeared to be slowing, with 177,800 people joining the jobless register in 2013 compared to 283,800 in 2012.
But economist Eric Heyer at think tank OFCE said most of the improvement was due to state-sponsored jobs rather than a real recovery in the broader economy.
He said Hollande’s tax break plans would not come to fruition until at least 2016, ruling out any quick turnaround in the labour market.
Like socialist Hollande, Barack Obama is the worst jobs president in the last 60 years.
According to the Bureau of Labor Statistics, Obama has the worst record of any President in the last 60 years. From 1948 until January 2009 when Obama took office, there has been a combined 39 months of unemployment above 8 percent. Since Obama took office we endured more than 43 consecutive months of unemployment above 8 percent.
Data from BLS.org