Unemployment in France falls to 14-year low

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Unemployment in France is currently at its lowest level in 14 years, a rare piece of positive economic news as France battles soaring inflation. 

Reuters have reported that, according to the INSEE statistics agency, the unemployment rate has had a slight drop in the third quarter, falling from 7.4% to 7.3%. This rate was in alignment with the expectation of economists and marked the second lowest since the second quarter of 2008. 

Overall, unemployment has fallen since Emmanuel Macron first took office in 2017. At that point the rate was at 9.5%. Macron was re-elected for a second term as President in May 2022, but he also failed to secure a majority in the Parliament, meaning he will face greater challenges in passing new legislation than he would have done otherwise. 

The rate of unemployment is not equal across the whole society. The INSEE report showed that among young people unemployment is at 18.3%, rising from 18% in the previous quarter.

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