Thursday, June 24, 2004

Jobless recoveries aren't just for Americans anymore. Le Monde today recognizes a strangely similar phenomenon in France. For 2004 French GDP is forecast to grow 2.3%. While that might not sound like much compared to Japan or the US, it's stellar compared to last year's 0.5% or the 1.1% in 2002. France is forecast to grow significantly more than the euro zone as a whole which, according to INSEE, will tick up just 1.8% on the year, dragged down by Germany and Italy.

French investment figures are up as well, but none of this is going to help create jobs. INSEE sees the French unemployment rate being stuck at 9.9%.

Capital nailing labor again.

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