France’s unemployment rate has fallen below 10% for the first time since 2012, offering a boost to François Hollande, who staked his political future on creating more jobs, reports The Guardian.
The French statistics body INSEE said unemployment on mainland France and its overseas territories fell to 9.9% in the second quarter, from 10.2% in the previous three months.
It was the lowest level since the third quarter of 2012, just after Hollande took office. The president said he would not stand for re-election in 2017 unless there was a sustained fall in unemployment this year. However, Hollande’s poor poll ratings indicate that the presidential election will be a contest between the conservative politician and current favourite, Alain Juppé, and the far-right Front National leader, Marine Le Pen.
Unemployment in France has declined more slowly than in most leading European economies, as a gradual recovery in economic growth and job creation is offset by the number of young people entering the labour force every year.
The jobless rate for mainland France, excluding its overseas territories, dipped below 10% in the fourth quarter of last year and fell further to 9.6% in the three months to the end of June.