France has a current unemployment rate of 8.5 percent, which is its lowest in a decade, but pales in comparison to other EU countries. Germany, for instance, has an unemployment rate of 5 percent. It's worse when you compare the French numbers to the U.S. unemployment rate of 3.5 percent (as of October).
France's "moderate" gains are not exactly cause for celebration, according to some economic experts.
“Whilst the moderate fall in the French unemployment rate may be welcome for Macron, it is the very weak GDP growth numbers that will be of great concern,” said Lorne Baring, managing director at Geneva-based investment firm B Capital.
“The French economy advanced only 0.2 percent in the last quarter, easing from 0.3 percent growth in the previous period and missing market expectations. The question is whether both France and Germany can exit the malaise that is ringing recession alarm bells for investors,” added Baring. (Reuters)
The U.S. rate, meanwhile, is at its lowest in 50 years. A French reporter asked President Trump about the discrepancy on Thursday as he toured a new Louis Vuitton workshop in Keene, Texas.
“You have a very low unemployment rate in the US and we have a very high unemployment rate in France," she noted. "How come?”
He didn't hesitate, providing this quick witted answer.
French reporter: "You have very low unemployment rate in the US and we have very high unemployment rate in France. How come? What the recipe for?"— Eddie Donovan, Ph.D. ???? (@EddieDonovan) October 18, 2019
Trump: "Well maybe we have a better President than you do" ??#DonaldTrump #DallasTrumpRally #unemployment pic.twitter.com/mrekB08fZV
The new Louis Vuitton plant in Texas was built as part of Trump's Pledge to America’s Workers initiative. Some people wondered who would benefit from the new workshop, where handbags would all be printed with "Made in the USA."
Again, a simple answer.
The USA! https://t.co/Zdj3Lyo76H— Donald J. Trump (@realDonaldTrump) October 18, 2019
Join the conversation as a VIP Member