While French president Hollande is busy "grilling" (in the words of The Local) president Obama over the latest US "spying on its allies" snafu, the French economy continues to deteriorate and according to the latest French labor ministry data, in May the number of French jobseekers rose by another 0.5%, or 16,200, to 3.552 million, 10k more than expected, and a new all time high.

The number was 5%, or 168,500 greater, compared to a year ago as the so-called European recovery has yet to have a positive impact on what is supposed to be Europe's second strongest economy.

Most troubling: this is the 80th consecutive month of increasing Y/Y unemployment, yet stocks are delighted of course.

Labour Minister Francois Rebsamen said Wednesday that that "by the end of the year we will see, I hope, a phase of stabilization followed by a decline in the number of jobseekers."

Well, there is still hope... at least until the ECB runs out of Bunds to monetize and starts buying it up next.