Unemployment up in France in 2013 Q2

Official figures show that the number of the unemployed people in France rose to above three million in the second quarter of 2013.

The figures released by France national statistics agency, INSEE, indicated on Thursday that unemployment in France jumped for the first time above three million in the second quarter of this year.

The jobless rate for young people also stood at 24.6 percent amid the government efforts to raise competitiveness and decrease unemployment.

In July, President Francois Hollande vowed to reverse the growing trend of unemployment by the end of 2013, saying that economic recovery was on the doorstep.

Some indicators suggested that activity has picked up in the second quarter. However, economists warn that bad weather and spending on energy were the main reasons behind the second-quarter rise of activity.

France is one of a few rich-world economies with a double-digit unemployment rate, others being eurozone members Spain and Italy, along with South Africa.

In an attempt to lower the countryâ„¢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 European Union is still bogged down in recession.

Europe plunged into a financial crisis in early 2008. The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms.

MR/HSN

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Republished from: Press TV