The number of job seekers in France fell in November, reaching the lowest level since Emmanuel Macron took office in May.
The number of category A job seekers–people registered as fully unemployed–fell 0.8% on month to 3,454,100, statistics from the labor ministry showed. On year, the number was 0.1% lower in November.
Since May, the number of job seekers in France has fluctuated from month to month, peaking at over 3.5 million at the end of the summer. The fluctuations have raised concerns that the job market is slow to respond to a broader pick up in the economy with stronger business investment and rising consumer spending.
Mr. Macron’s government says the monthly count of job seekers, which is closely watched by the French media, is not a reliable indicator of the direction of the job market.
France’s unemployment rate–a separate measure–rose to 9.7% in the third quarter from 9.5% in the second, national statistics agency Insee said in November. But Insee has since said it expects the rate to fall to 9.4% by mid-2018.
Source: Dow Jones