Courtesy of Mish.
According to Google translation from Le Monde, October marks the 18th consecutive month of rising unemployment. A second article from Le Monde discusses the Rise in Unemployment for October.
Unemployment has risen sharply again in October. According to statistics released Wednesday, November 27 by employment center and the Ministry of Labour, the number of applicants for employment who had no activity during the month (Class A) increased by 46,500 people, including DOM. In September, he had jumped nearly 47 000 people. Worse, counting the unemployed reduced activity (category B and C), the increase reached 73,600 people!French Unemployment vs. US Unemployment
Such explosion had not been seen since March 2009. With 4,870,800 people registered at employment center, the number of job seekers Class A, B and C reached a level never seen before, as far back as statistics. For those in category A, the level was not as high for fourteen years, in May 1998. Since the accession of François Hollande at the Elysee Palace, very bad numbers keep on coming: nearly 230,000 people have registered at employment center and since May.
In detail, it is over 50 years old who suffer most from the increase in October, with nearly 2% increase in a month for this category. Rising long-term unemployment is still very high, with nearly 11.5% of registered job seekers concerned about one year.
Those outside France need a bit of perspective on various classes of unemployment cited above. This is my understanding, pieced together from two different sources.
- Class A: Jobless people that have had no activity at all during the past month.
- Class B: Jobless people having worked less than 78 hours during the past month ("short reduced activity")
- Class C: Jobless people having worked more than 78 hours during the past month ("long reduced activity").
- Class D: Looking for a job, but currently sick, or in internship, or in state-sponsored "professional development" courses, etc
- Class E: Those in state-sponsored low-pay "community service" jobs
The official unemployment rate only comes out quarterly.
Reader Andrea offers these comments ...
For the sake of clarity, the official unemployement rate is given by the National Institut of Statistics (INSEE) each three months, not the ministry of labor class A-E activity. The distinction is similar to the weekly unemployment stats in the US vs. the official monthly unemployment and jobs report.
Moreover, and also similar to the US, many jobless people are not counted as unemployed because they have not been actively searching for a job.
Hollande Threatens to Nationalize Steel Plants Over Layoffs
Economic insanity in France continues at a steady pace. The latest bit of insanity is Hollande's Threat to Nationalize Steel-Maker Mittal.
French President Francois Hollande has met the owner of steel giant Arcelor Mittal, after saying he would discuss nationalising one of its plants.
Arcelor Mittal - which employs some 20,000 people across France - announced in October that it intended to shut down the Florange plant's already inactive furnaces, saying they were uncompetitive in such difficult trading times....