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French unemployment fell to 11-year low in fourth-quarter


Added 02-13-20 03:04:02am EST - “French unemployment fell unexpectedly at the end of last year to an 11-year low, official data showed on Thursday, offering President Emmanuel Macron a boost on the economic front. The unemployment rate fell to 8.1% in the final three…” - News.yahoo.com

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Posted By TheNewsCommenter: From News.yahoo.com: “French unemployment fell to 11-year low in fourth-quarter”. Below is an excerpt from the article.

PARIS (Reuters) - French unemployment fell unexpectedly at the end of last year to an 11-year low, official data showed on Thursday, offering President Emmanuel Macron a boost on the economic front.

The unemployment rate fell to 8.1% in the final three months of last year from 8.5% in the third quarter, which was revised down from an initial reading of 8.6%, the INSEE statistics agency said.

The result brought the jobless rate to its lowest level since the fourth quarter of 2008. It far exceeded expectations for a rate of 8.5% on average in a Reuters poll of 11 economists, with none expecting anything lower than 8.4%.

The big drop will be a welcome development for Macron after he faced weeks of strikes over an overhaul of the pension system that was fiercely resisted by trade unions.

The fall in unemployment comes even though the economy contracted slightly in the final quarter, which economists mainly put down to the strikes hitting manufacturers' supply chains.

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