French Q2 non-farm payrolls were revised down to -0.2% Qor from -0.1% QoQ reported initially and versus a rise of 0.3% in Q1. The unexpected downward revision highlights the extend of the slowdown in the French economy, which has started to have an impact on the labor market. The breakdown showed that the downward trend in manufacturing employment continued in the second quarter. At the same time job creation in the services sector has come to an end and the sector shed jobs in Q2. Construction employment continues to rise, but at 0.3% q/q was much lower than the 0.8% QoQ in Q1 and annual employment growth in the sector dropped to 3.4% YoY from 4.0% in Q2. All in all a weak number, with the deterioration on the labor market likely to have also an impact on consumption trends.