Job boom in France lifts hopes in Europe

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http://www.iht.com/articles/2006/08/18/business/franc.php

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The French economy, the third-largest in Europe, is suddenly creating jobs at its fastest pace in five years and starting to enjoy the mild upturn that may be starting to take root across the region.

Europe, and in particular those countries that use the euro, has been plagued by paltry growth rates in recent years, during a time when the global economy has been expanding at its fastest pace since the early 1970s.

But the last week or so has brought a raft of good news. France, until recently missing from the broader picture of improvement, last week registered a sharp gain in economic growth in the second quarter of as much as 1.2 percent, its strongest in almost six years.

At the same time, the French unemployment rate has fallen to 9 percent, its lowest level in four years and down sharply from the five-year high of 10.2 percent in May 2005.


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About 200,000 jobs are being created each month in Europe, said Holger Schmieding, an economist with Bank of America in London. He said that "buoyant readings for employment in business confidence survey project further strong employment gains ahead."

"The euro zone is now creating jobs at a faster rate than the U.S.," Schmeiding said.

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