French Unemployment Hits Record: The rate edged up to 11.7% in July, an increase of one-tenth of a percentage point, with the number of jobless at an all-time high of 3.11 million, the Labor Ministry said. The expected rise came as the conservative government of Prime Minister Edouard Balladur struggled to pull the country out of recession without undermining the franc with drastically lower interest rates. Balladur has announced tax cuts and the selloff of state-owned companies to finance jobs programs. Government researchers say unemployment could rise to 12.5% by the end of the year.
From Times Staff and Wire Reports