France’s Sapin Says Labor Problems Long-Term, Not Eternal

France is in a difficult economic situation and it will take time before conditions improve, Labor Minister Michel Sapin said in an interview on radio station RTL.

French jobless claims rose to 2.99 million in July, the highest in 13 years, the labor ministry reported yesterday, as stalling growth prompted companies to trim payrolls.

“We’re in a very difficult situation,” Sapin said. “It’s long-term, but not eternal.”

Sapin citied government programs he plans to put in place to help cut long-term unemployment, particularly among young people, and said stability must return to the euro zone so the private sector can create jobs.

To contact the reporter on this story: Alan Katz in Paris at akatz5@bloomberg.net.

To contact the editor responsible for this story: Melissa Pozsgay at mpozsgay@bloomberg.net.

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