France predicts economic contraction, high jobless rate in 2013

The French economy is expected to contract by 0.1 percent this year, with unemployment rate steadily growing, according to official figures released on Thursday. The eurozone’s second largest economy would grow 0.2 percent in the second quarter before stagnating and edging up 0.1 percent in the third and fourth quarters respectively, the national statistics agency […]

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France Needs a “Power-Up” When It Comes to Labor Reform

In its annual country report released on Monday, the IMF turned up the heat on France for labor reform. The Washington-based lender called for a “powering up” of Hollande’s labor reforms to tackle the “significant rigidities hinder[ing] the economy’s capacity to grow and create jobs.” Socialist President Francois Hollande, who has suffered since inauguration the […]

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EU orders France to reform pensions and jobs

The EU issued some strict orders for France to get its house in order on Wednesday. The European Commission told France to overhaul its costly pension system and loosen up its inflexible labour market but there was at least some good news for Paris. France, struggling in recession, must reform its costly pension system and […]

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French Senate votes on major labor reform package

France’s parliament is expected to pass a package of significant labor reforms Tuesday that the government hopes will help stop rising unemployment and jumpstart the country’s stagnant economy. President Francois Hollande has promoted the bill as one of his administration’s signature pieces of legislation designed to overhaul the country’s notoriously hidebound labor market. It includes […]

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US data point to soft March jobs report

Disappointing economic data raised concerns that Friday’s labor report will come in worse than expected, despite the Federal Reserve’s supersized stimulus. Private sector hiring cooled in March as the federal government launched $85 billion in “sequester” spending cuts over the next seven months in the face of congressional budget gridlock. According to a report by […]

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