French Unemployment Rate Reaches All-Time High

French Labor Minister Michel Sapin Marie-Lan Nguyen / Wikimedia Commons

French Labor Minister Michel Sapin
Marie-Lan Nguyen / Wikimedia Commons

French Labor Minister Michel Sapin released March’s job figures Thursday, April 25, which showed that Europe’s second largest economy is continuing to flounder during the economic recession. The unemployment rate reached 3,224,000, the highest yet for France.

This latest joblessness figure surpasses the previous record high in January 1997 by nearly 30,000 unemployed citizens.

This is the 58th consecutive month since May 2008 that the unemployment rate has risen, adding to a trend of negative economic news for the country.

Last month, the Institut national de la statistique et des études économiques (INSEE) announced that France’s private sector alone lost 100,000 jobs in 2012 and reported that unemployment had reached double-digits at 10.6%, the highest in 14 years.

Amongst young people, the joblessness percentage was even graver, coming in at 25.7% according to the INSEE’s findings.

President François Hollande’s government continues to struggle to keep its promise to improve the French economy. In response to the dire March results, Hollande has promised to lower the unemployment rate to below 10% by December 2013.

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  1. […] dismal economic reports for the first four months of 2013 with France’s unemployment rate still over 10%, President François Hollande announced Monday, April 29 a plan to cut investment tax for […]

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