Pessimism in the French public is reigning for a second consecutive month as jobs trickle out of the market. The army of unemployed saw an addition of 3,300 new recruits this month reaching 2.67 million, a number unseen for the last four years. Consumer confidence in March continued its downward stroll by declining to -34, despite forecasts of a recovery to -32 from February's -33.
Poor confidence triggered cuts in consumption that dropped by 1.2% from January to February, although in January the fall was sharper at 2.5%. Prices on the other had risen by 1.4%.
President Sarkozy had ceased last year's stimulus measures that supported the purchase of new cars and offered low energy prices, a move that resulted in escalating oil prices amid high unemployment triggering further French dissatisfaction which was already reflected in the election which Sarkozy did trail!