New statistics show that unemployment rate in France hit a new record of 10.3 percent in the third quarter of 2012, the highest in almost 13 years. The rate, up by 0.1 point, was released by France National Institute of Statistics and Economic Studies (INSEE) on Thursday. The institute said nearly three million people were unemployed in mainland France.
The INSEE also stated that the French youth have been hit hard as jobless rate among the people aged 15 to 24 edged up by 1.4 points to nearly 25 percent over the quarter.In addition, unemployment rate among those over 50 rose by 0.1 percent to 6.9 during the period. In the third quarter some 3.6 million people in mainland France sought jobs and about 3.1 million people were registered to receive unemployment benefits in October, the institute added. Since President Francois Hollande took office in May 2012, a further 230,000 people have registered as jobless. France’s increasing trend of unemployment over the past five quarters is reportedly the highest since the third quarter of 1999, as the EU member state continues to struggle with a persisting recession. Reports say France is heading for a recession by the end of 2012. Europe plunged into financial crisis in early 2008. The worsening debt crisis has forced the EU governments to adopt harsh austerity measures and tough economic reforms, which have triggered incidents of social unrest and massive protests in many European countries. YH/HSN