France sees 15-year high in joblessness

Sat, Dec 29, 2012, 00:00

The French economy grew less than initially reported in the third quarter, signalling a recovery that may be too weak to help President François Hollande's government reduce unemployment, now at a 15-year high.

Gross domestic product rose 0.1 per cent, half the pace estimated on November 15th, statistics institute Insee in Paris said. Data this week showed jobless claims rose for a 19th straight month in November to 3.13 million, the highest since January 1998. The IMF called this month for an overhaul of France's labour market and more competition in its services sector as the economy faces a "fragile" growth outlook.

- (Reuters)