For a moment there, mid-year, when the French forgot to send texts out to all their unemployed people to confirm their joblessness, that French and European leaders looked at the French jobseekers data and hailed the corner as having turned. It has not! For the 30th of the last 32 months, French joblessness increased. At 3.303 million jobseekers, French unemployment is at an all-time record high (and 10Y French debt trades 36bps lower in yield than US 10Y).
It seems like it’s time for Hollande to invade another small African nation (and instigate a draft?)