The number of registered job applicants in France has hit the sharpest monthly rise in three years and rose to 2.99 million people in July as the country’s unemployment line continues to increase.
The French labor ministry announced on Monday that the number of registered job seekers rose by 41,300 people from the previous month of June, AFP reported.
The ministry also forecast that the euro zone’s second largest economy will witness a mark of three million job seekers next month.
The French labor ministry further noted that 4.45 million people were hunting for jobs in mainland in July — an increase of 58,300 people from June.
France’s economy has flat lined for the third quarter running in the three months to June, amid worries that Europe’s second economy is hovering on the edge of a new recession.
Socialist President Francois Hollande, who was elected in May on jobs and growth promises, faces an increasingly tough battle to deliver while simultaneously meeting a commitment to reduce France’s budget deficit.
French government needs to find 33 billion euros to reach a 2012 deficit target of three percent.
Slower growth would force the government to make greater cuts or raise more taxes to meet its deficit targets.
However, most economists think growth targets are unlikely to be met.
“I think that French economy will no longer resist shocks, because small and medium sized companies have performed very badly this quarter and the next quarter, we are likely to enter recession…,” Pascal Bernachen, an economist with KBL Richelieu, said.
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