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French Unemployment in May Rises to a New Three-Year High Bloomberg
June 26, 2003
(Bloomberg) -- French unemployment rose to a new three-year high in May, threatening to sap consumer spending, the mainstay of Europe's third-largest economy.
The number of jobseekers climbed by 9,000 from April to 2.521 million, based on International Labor Organization standards, the Labor Ministry in Paris said. The jobless rate remained unchanged at 9.3 percent. Twelve economists had expected the number of unemployed to rise by 12,500, according to their median forecast.
Rising unemployment threatens to crimp consumer spending, which accounts for more than half France's gross domestic product. State statistics office Insee expects the jobless rate may rise as high as 9.6 percent this year as growth slows to the lowest in a decade.
``Given all the uncertainties ahead for employment, pensions and social security reform, households are unlikely to draw on their savings in the coming months,'' said Nicolas Claquin, a Paris-based economist at Credit Commercial de France SA.
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