France jobless rate hits 8.7% in Q1

Source: Agencies | June 5, 2009, Friday |

Print Edition

UNEMPLOYMENT in France rose sharply in the first quarter, reaching 8.7 percent of the economically-active population as the euro zone's second-largest economy suffers through its longest recession since the 1940s.

Figures from national statistics agency INSEE released yesterday indicated that the jobless rate in France jumped 1.1 percentage points from a revised 7.6 percent unemployment rate in the fourth quarter of 2008.

Finance Minister Christine Lagarde described the rise as "brutal" and blamed France's worsening economy, which contracted by 1.2 percent during the first quarter.

"It's obviously a bad figure, we know that, it's a worsening of the employment situation due simply to the worsening economic conditions over the last six months," Lagarde said on French radio station Europe-1.

Economy

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France jobless rate hits 8.7% in Q1

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