France.. The unemployment rate jumps to the highest level in 5 years

Unemployment in France unexpectedly rose to its highest level in 5 years, adding to signs that the euro zone’s second-largest economy was already weak before the outbreak of war on Iran.

Data from the National Institute for Statistics and Economic Studies (Insee) indicated that the unemployment rate reached 8.1% in the first quarter of the year.

Economists polled by Bloomberg had expected a slight decline to 7.8% from 7.9% at the end of last year.
The deterioration of the labor market comes despite the government’s success in overcoming the budget crisis and avoiding another political collapse in February.

Likewise, data at the end of April showed that the economy did not witness growth in the first three months, while a survey conducted by the French Business Bank on Tuesday indicated that the Iranian war had begun to negatively affect economic activity and increase inflationary pressures.