French unemployment rate rises to 9.7% in Q3

France's rate of unemployment rose in the third quarter, failing to make any dent on President Macron's election pledge of bringing joblessness down to 7% by 2022.

The country's unemployment rate rose to 9.7% in the July-September period, from 9.5% in the previous quarter. Year on year, however, the rate was down from 10%.

Macron reforms

Emmanuel Macron, president, introduced a number of controversial reforms during the third quarter, designed to make the labour market more flexible.

Emmanuel Macron has passed several labour market reforms: Wikimedia Commons

These included reforms to weaken collective bargaining so companies can deal with their own workforce with less fear of industry interference. Unions, however, have protested many of the reforms.

Macron called the reforms a "deep, unprecedented reform of the labour market, crucial to our economy and our society", and expects to bring the rate of unemployment down to 7% by the end of his presidential term in 2022.

Market reaction

There was little reaction from the euro, which was 0.6% lower against the dollar at $1.1784. Sterling, however, was lower against the single currency, down 0.11% to €1.1161.