French jobless claims rose to more than 3 million for the first time since June 1999 as companies slashed jobs in the face of a stalled economy.
The number of people actively looking for work rose by 23,900, or 0.8 percent, to 3.01 million, the Labor Ministry said today in an e-mailed statement from Paris. Economists expected an increase of 30,000, according to the median of five forecasts gathered by Bloomberg News.
With an economy that has failed to expand for three consecutive quarters, French companies including PSA Peugeot Citroen (UG) and Air France-KLM Group are cutting thousands from their payrolls.
“Business managers continue to report staff cuts and this movement appears to be accelerating,” said Pierre-Olivier Beffy, chief economist at Exane BNP Paribas, before the report.
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