400 failures in October against about 1500 in August

On growth, it will be probably fewer surprises than what some suggest. "Last night on France 2, the economy Minister, Christine Lagarde, implied that the France lost little in a technical recession, characterized by 2 consecutive quarters of decline in the gross domestic product (GDP). Confirmed information, in the evening, several government sources. The national Institute of statistics and economic studies (Insee) publishes this morning its first estimate of growth for the third quarter of 2008. After a contraction of 0.3 of GDP in the second quarter, the activity would therefore remained stable in the third quarter, or even have perhaps slightly increased, instead of the decline of 0.1 expected by Insee. The situation of the France is less bad than that of the Germany, which yesterday posted a 0.5 GDP decline this summer after 0.4 in the spring.

Rise of the difficulties

Yesterday evening, Christine Lagarde, has especially focused on support measures for the financing of the economy implemented by the Government. Support which not yet really did enrailler the rise of the difficulties in business: after the jump in corporate defaults in the third quarter ( 17.2 versus the third quarter of 2007), recovery or liquidation proceedings openings grew 10.6 in October compared to October 2007, reveals Altares, specialized in business to business information. Found deceleration must actually be qualified, the judgments in the courts in October being much higher in volume and therefore most significant of the real trend those recorded during the summer (5.400 failures in October against about 1,500 in August).

Failures rising now amounts to 6.4 on the first ten months of the year and could climb up to 8 on the whole of 2008, provides Thierry Millon, Director of studies of Altares. "This is a severe situation, but must not be alarmist," judge however. On a year, 53,000 companies began collective procedures, refer to the 5 million companies (including the liberal professions, craftsmen no employees or associations). The insurer credit Euler Hermes SFAC, which uses a different accounting failures (in date of publication in the "Bodacc", the official bulletin), observed him, an increase of 12.2 on the first ten months of the year and expects a prosecution on this rate, until the end of 2008 and again next year.

The degradation of the environment affects all sectors, but with different intensities. "Failures counter spins in real estate, with an increase of 64 per cent in October from last year, but the building will less evil, with an increase of 7, lower than the average," thus is Thierry Million, which has recorded 9 judgments concerning undertakings with more than 200 employees (Camif, Wasteels, Transco and Cie, Eurostyle Valenplast) on the month,(, Lucien Noyon...). For some sectors, the cause of failures has changed, as road transport, which was the rising prices of fuel until this summer, but the problem today is "that it cannot find more customers." Failures rising, who reached this area of 15 on the first ten months of the year jumped 23 percent on the month of October alone. Similarly, the financial crisis has directly affected companies in the financial sector: the number of openings of procedures is increased from 83 in October (with 33 cases), while the increase was limited to 8 on the first ten months of the year.

Bearer of concern

Insee published today another potentially bearing figure of concern: the balance sheet of the creations of jobs in the third quarter. After the loss of 35,000 jobs in the second quarter, it could still be destruction of jobs. After analyzing the composition of growth today, the Government will defend Monday scenario underlying its new range of forecasts for 2009, now established between 0.2 and 0.5.