François Hollande’s beleaguered socialist government was under increased pressure to boost the eurozone’s second largest economy after a collapse in manufacturing orders tonight left it on the cusp of another recession.
A survey of French manufacturers found that output contracted and businesses shed jobs in November in response to the fastest slowdown in new orders since April, accentuating the single currency bloc’s sluggish recovery. The services sector also declined, potentially sending the country sliding back into recession after having only emerged from one in the second quarter of 2013.
Hollande is already the most unpopular French president on record and can expect to face further charges of economic incompetence after the mainstays of French output and employment failed to reverse their fortunes ahead of the Christmas break.
Chosen excerpts by Job Market Monitor. Read the whole story at