French Unemployment Rate Hits 16-Year High

Edited by Juan Leandro
2013-12-05 13:35:25

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Paris, December 5 (RHC)-- New figures show that unemployment rate in France hit a 16-year high in the third quarter of 2013, putting more pressure on the French government in its battle to get joblessness under control.

France's INSEE statistics agency said in a report released in Paris on Thursday that the jobless rate jumped in the third quarter to 10.9 percent from 10.8 percent in the previous three months. The rise in the unemployment rate brought it closer to an all-time high of 11.2 percent registered in France in 1997.

The latest figures come as French President Francois Hollande says his administration will reduce unemployment by the end of 2013. In mid-November, INSEE said that France's economy contracted by 0.1 percent in the July-to-September period.

New surveys have showed that a stagnant economy and high unemployment are among the main reasons behind a decrease in the approval rating of French President Hollande. Last month, Hollande was jeered and booed by protesters during an Armistice Day memorial ceremony in Paris over his controversial economic policies and the country's growing unemployment.

In an attempt to lower the country's huge debt load, the French government has increased taxes and implemented several reforms and spending cuts. However, the measures have proven unproductive since the financial crisis in the eurozone has not been resolved and the bloc is still bogged down in recession.



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