Financial News: French Jobless Rate Remains Stable In Q1

French Jobless Rate Remains Stable In Q1

05/17/2023 - 08:31:00 (RTTNews)

(RTTNews) - France's unemployment rate remained unchanged in the first quarter at a historically low level, official data revealed on Wednesday.

The ILO unemployment rate came in at 7.1 percent in the first quarter, the statistical office INSEE reported. The jobless rate in the fourth quarter was slightly revised downward from 7.2 percent to 7.1 percent.

The first quarter jobless rate matched economists' expectations.

The number of people out of work decreased 7,000 to 2.2 million in the first quarter. Over the year, the unemployment rate decreased by 0.3 points and stood 3.4 points below its peak level reached in the second quarter of 2015, the INSEE said.

The youth unemployment fell 0.2 points to 16.6 percent in the March quarter. This was down by 0.1 points over the year.

At the same time, the employment rate among people aged between 15 and 64 rose by 0.3 points to 68.6 percent. This was 0.6 points above its level a year ago and hit its highest since INSEE started measuring data on 1975.

Data confirms that the French labor market remains incredibly strong, ING economist Charlotte de Montpellier said. However, the signs of a cooling labor market are mounting and the outlook is less favorable.

"The expected rise in unemployment would nevertheless be moderate in relation to the scale of the expected economic slowdown and a sharp fall in employment seems unlikely," the economist added.

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