The private employment nevertheless displayed a marked decrease from the previous month, the companies have created 107,000 jobs in July, according to figures revised up sharply.

The Paris Bourse jumped in the wake of the publication of U.S. statistics, the CAC 40 gaining 1.43%, to 3683.54 points."If these figures are burying a little more second recession scenarios, they confirm the thesis of a slow recovery," nuance in a note economists Societe Generale CIB.

Only the number of private sector jobs is important, because the public continues to destroy temporary jobs created earlier this year for the population census and does not reflect the U.S. economy.

Job losses in the industry

"These figures are fairly good news," said Thomas Julian, an economist at Natixis. "The job creation in the services sector (67 000) has indeed succeeded in erasing the destruction of jobs in industry (27,000) and construction rebounded (19 000)."

The unemployment rate, calculated differently, increased only 0.1 percentage points to 9.6%."The current pace of job creation, lower than 100,000, not enough to lower unemployment rates," say economists at Societe Generale CIB No fax payday loan. On the other hand, the long-term unemployment has reached 42% in late August. A sign that worries the Fed, the U.S. central bank.

"The slowdown in job creation (especially in industry) seems to reflect the current slowdown in growth caused by the gradual disappearance of the stimulus," said Thomas Julian.

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A "structural" unemployment

High unemployment and many job applications that do not find a buyer.Economists note this paradoxical situation currently in the United States. This discrepancy reveals a fundamental problem in the labor market. "The mismatch between supply and demand for jobs currently observed in the United States has an important structural component and can be absorbed in the short term," explains in a note Evariste Lefeuvre, an economist at Natixis.

For example, areas that have destroyed more jobs, construction and finance, have placed on the labor market a cohort of unemployed to specific profiles, which are difficult to retrain (or do not want). Result: "Given the adjustments that these two sectors will still perform in the coming years, structural adjustment of qualifications may also be necessary," wrote the economist. This promises a persistently high unemployment rate.

Dollar takes off against the yen

On Thursday, U.S. markets have ended in the green on the wire. At the close, the Dow Jones advanced 0.49% to 10,320.10 points, the Nasdaq gained 1.06% to 2200.01 points while the S & P has won 0.91% in 1090 10 points. Prudent after Wednesday's rally, investors have finally acknowledged the unexpected rebound promises logements.Sur selling the foreign exchange market, the dollar surged Friday against the yen just after the publication of the monthly U.S. employment , better than expected by analysts, but the trend of the greenback remained uncertain against the euro.Around 24:50 GMT, the dollar was worth 85.17 yen 84.30 yen against Thursday about 2100 GMT. Traders were reluctant, however, on how to behave on the pair euro-dollar: the greenback was first flown in front of the single European currency to clear almost instantly his movement and return to its pre-publication report around 1.2840 dollars per euro.

HP and BP monitor

On the side of values, the world leader in computers, Hewlett-Packard (HP) has awarded the California manufacturer of storage systems 3PAR $ 2.4 billion after a bidding war with its rival Dell, which has thrown in the towel Thursday. HP gained 1.44% to 40.25 dollars while its rival Dell wins 1.30% to 12.52 dollars.

The BP Group, listed on Wall Street, said that the oil spill in the Gulf of Mexico has cost eight billion dollars.The group withdrew Thursday vast funnel that had been able to stop in mid-July oil spill in charge of the oil spill in the Gulf of Mexico, a key step before finally condemning the well, said a U.S. official. The BP as assessed by 1.22% to $ 37.

Expected for several months, the competing tablets iPad were presented at the IFA electronics show the general public in Berlin. Archos The French had taken the lead in introducing a new range of five tablets. The title is surrounded and Apple gaining 1.27% to 255.39 dollars.

Also note, the Wall Street Journal, the Treasury of the United States debates the number of foreign investors who would be entitled to subscribe for the reintroduction of General Motors stock.

Since 2003, the government seeks to reduce the number of unclaimed contracts, estimated at over 150,000. In March 2009, a new measure has allowed insurers and bankers to verify in a national register if their customers were still alive.Since then, 26,000 dead have been identified, according to the report.

Another 1 billion euros in assets not redistributed

Insurers détiennnent however always more than one billion euros not distributed to beneficiaries of contracts unclaimed. This amount, established by a survey of the French Federation of Insurance Companies (FFSA) cited in the report, is higher than the estimates of insurers (between 700 and 800 million euros).

A bill proposed by Senator Hervé Maurey, which will be considered by Members before the end of the year, provides for mandatory publication of contracts in unclaimed accounts of insurers. Supported by the Government, this could still contribute to limiting the amounts held by insurance companies to the detriment of beneficiaries.

Preferred placement of French, the market for life insurance grew by 8% since January 2010.

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Obviously, the penalty was not built until the stock market: shares tumble 16% HRA on the square in Dublin at the end. And in its wake, Saint-Gobain and Lafarge, respectively dropping 4.71% and 4.35% at the close on Tuesday and position themselves behind the curve on the CAC 40. Bouygues sold him, 3.26%. In Switzerland, Holcim coward 1.69%, while the pan-European Stoxx 600 index sector yield 4.2%.

Tough competition

Myles Lee, the CEO of HRA, said that the performance of the U.S. economy are "not good", but anticipate relapse into recession. "The economic news from the United States are disappointing and below expectations. It now seems clear that the economic recovery there, even if it occurs, will not be as strong than expected, "he said on Irish TV channel RTE.

Its chief financial officer, Albert Manifold, said his side as the weakness of the commercial construction activity and delayed investments of state and local governments in the United States had generated sales below expectations July and August, usually two months porters.

In addition, pressure on margins is increasing, so that several competitors are trying to reduce their prices, "said HRC.

Commodity prices and budgetary discipline

Harry Sebag, an analyst at Saxo Bank, explains that "businesses have impacted their margins and cut prices to gain market share." Already weakened, companies are also facing the weaker euro and higher commodity prices, driven by demand from emerging countries, which darken the outlook for the sector. Fiscal rectitude who moved to Europe and hence lower investment in construction, does shoved a bit more nail.

For the construction specialist in Europe, Euroconstruct, the sector should not resume until 2012.Particularly affected by the gloomy atmosphere, Ireland, Spain, and Portugal.

In France, since the beginning of the year, Lafarge has won over 37% in stock, Saint-Gobain, 24%, French Cement declined 19%, Vinci, Bouygues 14% and 12%.

A monitor, tomorrow, Wednesday, sales of new homes in the United States, which fall in the afternoon. On Tuesday, the bad news on the front sales of existing homes of great concern.

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The specialist pens, lighters and razors in a statement reported a 41.3% jump in net profit group share in the first half, while its operating margin rose 1.2 points normalized to 16 5%.

Its turnover is expected to show up "less than or around 5% in 2010, after a pace of 5.8% to 865.6 million euros in the first half.

The group anticipates a particular slowdown in sales of razors and lighters in the second half compared to those of 10.7% and 6.8% at constant exchange rates recorded respectively in the first half.The lighters have benefited from higher volumes in key markets and razors a good reception of new products in Europe and the United States.

As for sales of stationery, the first division in terms of sales, it will depend on consumer spending in September, after rising 5.3% in constant currencies in the first half mainly driven by Europe and North America.

The director general, Mario Guevara note in the statement that the economic environment remained "unstable" in mature markets, despite signs of recovery. "In this context, the economic model of Bic is well adapted to the changing demands of consumers," he argues.

In advertisements and promotional Bic expects a margin of between 7% and 9% in 2010, growing its sales depend on the economic recovery.The second half performance will be affected by the sale of the business of funeral products.

The group posted a net cash of 254.3 million euros at June 30, against 149.2 million at June 30, 2009, benefiting from improved profitability and stability of its industrial investment.

The action Bic closed Tuesday at 55.8 euros (-2.63%). It grew by almost 19% since the beginning of the year.

A "deadly summer", during which there has been "erased a social gain of 30 years," said Martine Billard (Left Party). Pierre Mehaignerie, President (UMP) of the Committee had estimated in advance that it was "the least bad solution", the maintenance of 60 years requiring "a significant discount, so a decline in purchasing power," or, "as proposed by the PS, an increase in the tax burden, suicidal for growth and employment"."We keep the life expectancy at retirement the longest in Europe," he added.

Members also gave the green light to a practical step: in 2012, retirees receiving pension payments quarterly (and Arrco Agirc supplementary funds, pension base station or in the electrical industries) may apply for monthly payment. The amendment proposed by Laurent Hénart, draftsman of the Finance Committee, will facilitate cash management retirees credit report.

Other minor amendments have been passed.New missions are entrusted in the "steering committee pensions, introduced by the Bill propose measures to the" cancellation of the pension differences between men and women "(Martine Billard amendment) or tending to "bring the rules and parameters between the different regimes" (Denis Jacquat, UMP, and Jean-Luc Préel, New Center). Finally, the Observatory of the hardship in existence since late 2008, will be responsible for identifying "activities affecting the life expectancy" and propose "any provision to take into account how hard under the age retirement "(Jean-Luc Préel, New Center). A tiny opening on this topic.The main item on the hardship on which the government does not move (see below), at least not before September, has not yet been reviewed Wednesday evening.

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The Farnborough Air Show which opens Monday morning in south London, will be the ground for a new battle between Boeing and the European Airbus. The first provides for the first time its new aircraft, the B 787, outside the United States. The second shows his optimism. Its parent company EADS is confident about his chances of winning the tanker contract for the U.S. Air Force. "I think you'll be surprised by the ads that we do," Saturday said John Leahy, Airbus sales chief, refusing to give the name of the client companies.

At the 2008 Farnborough Air Show, Airbus announced 256 orders worth 40.5 billion dollars.Nearly half the $ 88.7 billion of orders earned by all aircraft manufacturers present.

In late June, Airbus received 131 orders from 15 companies and delivered 250 aircraft. "I bet with Louis Welsh, president of EADS, we will double this figure by the end of the show," said John Leahy. He believes that Airbus could win one or two orders of the A380 this year.

On June 8, Emirates, the Dubai-based company, has purchased 32 Airbus A380 at an estimated 11.1 billion dollars (8.5 billion euros). And is expected to announce tomorrow, the Wall Street Journal, a command of more than 30 Boeing 777 for an amount exceeding $ 7 billion.

EADS, the parent company of Airbus, has decided to stay the course while European governments plan to reduce their defense budgets. "We do not know what programs will be affected.We have before us two, three or four difficult years, "he assured Louis Welsh, president of EADS, which expects the market to recover after this difficult passage payday advance. "The needs are there," he noted.

A contract of $ 40 billion

Louis Welsh waiting for the fall signing of an agreement on the financing of the military transport plane A400M. The unit has struggled, will cost 5.2 billion euros extra. The challenge of continuing discussions, is how the additional costs will be divided between EADS and the seven customers of the A 400M (France, Germany, the United Kingdom, Spain, Belgium, Luxembourg, Turkey).

The group believes it has the potential to provide tanker aircraft to the U.S. Air Force deal with Boeing.Both groups are fighting for the third time in ten years to win the contract estimated at 40 billion dollars. "The Pentagon sticks to an extremely professional and fair. He wants to have competition to get the best price. We have a good chance to win because we have the best aircraft, "commented Louis Welsh. But EADS refused to sell off its prices to win. "We want to make money on this program. We will fix the price with the goal of being profitable. We are competitive, "insisted Louis Welsh. The Pentagon could announce his choice in November.

Whether he wins or not, the group will grow in the United States. Its U.S. subsidiary is 10 billion dollars in turnover in 2020 against 1.2 billion now.Unlike Europe, the United States, the world's largest market defense, do not cut in defense spending.

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The simplicity of the procedure, the possibility of employees to qualify for compensation at least equivalent to the severance pay and access to unemployment benefits, have contributed to this development.Even the former butler of Liliane Bettencourt left the service of the millionaire after 12 years of work through a break treaty.

However, unions and lawyers are worried about this new opportunity to cut jobs, without implementing expensive and complex schemes.

Older people most affected

At IBM, 12 conventional breaks were invalidated by the administration in late 2009 on the grounds that the device can bypass a social plan. The CFDT had criticized the IT group to target employees "at about sixty, who receive unemployment until the age of retirement. "The conventional breaks, such as layoffs, more often concern the elderly, in five cases, the government contends.

At Lejaby (underwear) in the Rhone, six of ten conventional breaks in 2009 and has touched more than 50 years, "the workers out of breath" as a union delegate. The number two of the CFDT, Marcel Grignard, welcomed the move "a system completely opaque to a sidebar," but acknowledged "abuses", on which the Central Government in writing to request "a meeting of social partners "and see" how to correct it. "

Contracts signed under pressure

A Bordeaux, 48, returned to society ala Aeronautics and Aerospace Support via conventional breach also complained of having signed a contract under duress that he had not mastered the implications. With the key discovery that will not affect unemployment compensation for three months, and must cope with his bonus.Employment center also teaches him that he does not have the "advantages of redundancy" and can not claim any training to upgrade.

For Director General of Labour, if "there may be abuses in this or that company," the system, "framed", "protects the rights of employees", and the administration remains "vigilant". While the device would reduce lawsuits against employers, the first judgments were canceled breaks, reclassified as redundancies. It is even "a nest of litigation," according to lawyer Richard Sintes, who advised directions on employees wanting to leave and may also "abuse the unemployment insurance."

A provision is being challenged by the UMP, which created a commission to examine the appropriateness of retaining the advertising day at a time of fiscal crisis. A position to which Nicolas Sarkozy is ready to rally.

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The Barroso Commission and the Council President Herman Van Rompuy hope to get final agreement capitals in October. Next Thursday, the summit of Twenty-Seven to "take the first decisions and determine policy," according to a draft joint statement circulated in Brussels.

The United Kingdom retains strong reluctance and on the continent, elected officials criticized in advance a serious "democratic deficit". Since Monday, however, the EU control of each state budget before a vote in Parliament is subject to agreement by Ministers of Finance.This obstacle removed, the Council and the Commission intend to force the pace of the new fiscal governance.

"The heart of the device should be in place early next year," says Commissioner Olli Rehn, responsible for leading the exercise. This requires concerted attack the question angry: that the sanctions would be imposed on any country that neglects the collective discipline.

CAP funds threatened

The prior surveillance conducted by the Commission but also by the ECB, will focus on the broad outlines of the budget: total revenue and expenditure, compliance with the deficit targets agreed in common and likely economic scenario underlying the budget now payday loan.France, which is struggling to convince on its reorganization, will have to prove himself: "It must significantly step up its fiscal consolidation effort in 2011," Le Figaro said Commissioner Rehn.

The sanctions, they will have to be early, and immediate application, it is said Herman Van Rompuy. They will first be financial, since the European rules do not state the punishments appropriate policies by Berlin.

Two issues remain under discussion for 2011: the automatic penalties and the range possible. On the first point, the States want flexibility and entrust the collective decision to finance ministers. The Commission, she would almost mechanical application. On the second point, Brussels and the states leaning towards the option up.After a call to order, a country considered lax could see reduced aid from the EU "on the entire range possible," said a senior European official. In short: the regional funds, aid to research, EIB loans and of course farm subsidies. "It's a red rag in the eyes of many, concedes the representative of a large agricultural country. But it is also the logic of the new system. "

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