Unemployment reached a new high in France

Favorable international trends should have contributed to French President François Hollande policies’ success. But for now the French economy is multiplying the unemployed now totaling 3.51 million people and increasing 4.9 percent year-on-year (YOY). Hollande and his government didn’t manage so far to reverse the unemployment trend in spite of exogenous good conditions for economic growth: the halving of oil prices since July 2014, the strong weakening of the EURUSD at minus 21.39 percent YOY and a 1140 billion euros massive Quantitative Easing (QE) started by the ECB on March 1, 2015. According to the Hollande administration, there’s no reason to worry because improvement is coming soon. “The measures we took are beginning to bear fruit and the government continues its effort to support and enrich growth in jobs,” said Labor Minister François Rebsamen.