French Unemployment Rises to 8.1%, Highest Level Since 2021
France's unemployment rate climbed to 8.1% in the first quarter, its highest reading since 2021, official data showed on Wednesday. Statistics agency INSEE pointed to a slowdown in manufacturing and construction as the main driver.
France's national statistics agency INSEE said on Wednesday that the country's unemployment rate rose to 8.1% in the first quarter, the highest level since the start of 2021. Analysts had expected a reading of around 7.9%.
The data pointed to a slowdown in manufacturing and construction as the main weight on employment. Youth unemployment edged up to 18.7%, while the number of long-term unemployed rose by roughly 80,000 over the past year. The government said the effects of its recently announced industrial support package would only become visible in the coming quarters.
The Bank of France has previously said the economy remains broadly resilient despite external shocks from the Iran crisis. The latest jobs reading nevertheless adds a new dimension to debate over the European Central Bank's rate path and brings social policy questions back into the political conversation.
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