Cars, food, pharmaceuticals down, luxury sectors up, Les Echos
05 February, 16:44
(ANSAmed) – PARIS, FEBRUARY 5 – Between 2009-2012, more than 1,000 French factories shut down and over 120,000 jobs were lost in manufacturing alone, Les Echos business daily reported Tuesday. ”A symbolic ceiling has been perforated,” the paper wrote, quoting new data by economic analysis company Trendeo. Last year was the worst, with 24,000 manufacturing jobs lost as 266 plants with 10+ employees shut down throughout France, or 42% more than in 2011.
”As of July 2012, the euro rose 10% against the dollar, and this makes companies less competitive,” Trendeo analyst David Cousquer told Les Echos. ”Industrialists are also seriously questioning the evolution of European demand.” The automotive, pharmaceutical, furniture and publishing sectors are the hardest hit labor-wise. Carmakers laid off 12,000 people in 2011, just under half the critical level of 2009, as Renault and PSA Peugeot Citroen undergo one restructuring after another. On Tuesday, strikes were called at Renault nationwide, with workers mobilizing at plants in Cleon, Flins, Le Mans, and Sandouville.
The pharmaceutical sector is in its fourth consecutive crisis year, with Bristol-Myers Squibb, Cephalon, Merck, and Sanofi cutting almost 2,000 jobs between them. Food and agriculture also lost ground, as the Doux Group went bankrupt and Coca-Cola and Kronebourg cut 900 jobs. Aeronautics and luxury are bucking the trend, adding more than 2,400 new jobs, according to Les Echos.
”Industry also benefits from green energy investments, with more than 9,000 company start-ups a year. But the growth of off-shore wind farms and natural gas projects won’t be enough to restart French industry,” the paper concluded.(ANSAmed).
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Categories: EU Erosion