Cac 40 closes down as French joblessness passes 3 million mark

<p>The Cac 40 has closed down as French unemployment rises past three million.</p>

The benchmark Cac 40 index closed down yesterday (September 26th) as French joblessness passed the three million mark for the first time since 1999.

According to the Labour Ministry, the number of unemployed in August rose by nine per cent – or 23,900 people – to 3.01 million, making this the 16th month in a row this figure has risen.

The French economy is visibly struggling, posting three consecutive quarters of flat growth and analysts predict this may be an ongoing trend for the coming months.

This is bad news for president Francois Hollande, who was voted in earlier in the year due to his stance on bringing about a recovery.

Labour minister Michael Sapin told France 2 television that the situation was "clearly bad", but that it was inherited from the previous government.
Last night, the Cac 40 closed 2.8 per cent lower to an index value of 3414.8 points.

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