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Financial News: French Jobless Rate At 2-Year High

French Jobless Rate At 2-Year High

11/10/2020 - 07:17:00 (RTTNews)

(RTTNews) - The French jobless rate rose to a two-year high in the third quarter as more people actively started looking for a job after the easing of coronavirus containment measures, data from the statistical office Insee showed Tuesday.

The unemployment rate rose to 9 percent in the third quarter from 7.1 percent in the second quarter. This was the highest since the third quarter of 2018 and was 0.9 points higher than its pre-crisis level in the fourth quarter of 2019.

The number of ILO unemployed people increased 628,000 to 2.7 million.

The jobless rate in metropolitan France advanced to 8.8 percent in the third quarter from 7 percent a quarter ago.

The increase in unemployment highlights a clear deterioration in the labor market, the Insee said.

The unemployment rate among youth aged between 15 and 24 advanced to 21.8 percent in the third quarter from 20.9 percent in the preceding period.

On average the employment rate for 15-64 year group increased by 0.7 points to 65.1 percent, after a sharp decline of -1.6 points in the second quarter.

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