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Financial News: French Jobless Rate Declines In Q4

French Jobless Rate Declines In Q4

02/16/2021 - 02:24:00 (RTTNews)

(RTTNews) - The French jobless rate declined in the fourth quarter as the number of people activity searching for job decreased amid fresh restrictions imposed to curb the coronavirus pandemic, data published by the statistical office Insee revealed Tuesday.

The ILO jobless rate fell to 8 percent in the fourth quarter from 9.1 percent in the third quarter. The rate was forecast to drop marginally to 9 percent.

At the same time, the unemployment rate in Metropolitan France came in at 7.7 percent, down from 8.9 percent a quarter ago.

The decrease in unemployment was primarily due to the increase in the employment rate, which recovered again on average over the quarter, the Insee said.

"The fall in unemployment was also partly a "trompe-l'oeil" fall: due to the second confinement, between October 30 and December 15, a significant number of people switched to inactivity (halo around unemployment or inactivity outside the halo), not being able to make active job search under the usual conditions," the statistical office said.

The unemployment rate among youth aged between 15 and 24 declined to 18.4 percent from 22.0 percent a quarter ago.

The employment rate rose by 0.6 points to 65.6 percent in the fourth quarter, after a similar increase in the third quarter.

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