French unemployment fell to 11-year low in Q4

French unemployment fell unexpectedly at the end of last year to an 11-year low, official data showed on Thursday, offering President Emmanuel Macron a boost on the economic front. The unemployment rate fell to 8.1% in the final three months of last year from 8.5% in the third quarter, which was revised down from an initial reading of 8.6%, the INSEE statistics agency said.

The result brought the jobless rate to its lowest level since the fourth quarter of 2008. It far exceeded expectations for a rate of 8.5% on average in a Reuters poll of 11 economists, with none expecting anything lower than 8.4%. The big drop will be a welcome development for Macron after he faced weeks of strikes over an overhaul of the pension system that was fiercely resisted by trade unions.