Virus Lockdown Hits French Output, Trade, Jobs
Muhammad Irfan Published August 07, 2020 | 05:09 PM
France saw coronavirus lockdown destroy 119,400 full-time private sector jobs in the second quarter of 2020 on top of nearly half a million lost in the first, according to an estimate by the Insee statistics agency Friday
Paris, (UrduPoint / Pakistan Point News - 7th Aug, 2020 ) :France saw coronavirus lockdown destroy 119,400 full-time private sector jobs in the second quarter of 2020 on top of nearly half a million lost in the first, according to an estimate by the Insee statistics agency Friday.
Net year-on-year private sector job losses amounted to 480,800 in quarter two, or a decline of 2.5 percent, returning employment levels to what they were at the end of June 2017, shortly after Emmanuel Macron became president of France.
In the non-agricultural sector -- industry, construction and market services -- employment levels fell 0.6 percent in the second quarter after a 2.8-percent loss in the first.
"This is the largest half-year decline since the series (of measuring quarterly employment) began" 50 years ago, Insee said.
As payroll layoffs advanced, however, temporary employment rebounded by more 23 percent or 108,500 jobs in the second quarter after an historic drop of 40.4 percent in the previous quarter, Insee said.
"Monthly statistics show that temporary employment began to recover as early as May, and is still rising sharply in June, after sharp declines in March and April. By mid-2020, however, it remains 27.1 percent (or 214,800 jobs) below its level a year earlier." Insee noted a recovery trend for France's manufacturing sector, with output up 14.4 percent following a boost of 22.2 percent in May.
For the industrial sector as a whole, growth was 12.7 percent in June after 19.9 percent in May.
But compared to February, the last month before the start of France's strict stay-at-home lockdown to curb coronavirus spread, manufacturing output was down 12.4 percent and industrial output 11 percent.
As the after effects of the coronavirus epidemic continue to ripple out, the Customs Department said France's trade deficit widened sharply in the second quarter of 2020, with exports falling more than imports.
The deficit reached 20.4 billion Euros ($24.1 billion) in the second quarter.
Related Topics
Recent Stories
Rizwan’s batting order may be changed: Sources
Nawaz Sharif to visit Guangzhou exhibition in China
FM Dar not traveling to China: Foreign Office
PM takes notice of deliberate delay in tax cases
Iranian President visits Allama Iqbal’s mausoleum
Iranian President arrives in Lahore today
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
Today Gold Rate in Pakistan 23 April 2024
Islam enlightened world with its teachings about knowledge: Dr Jamileh
Record London close as oil prices drop on easing Middle East fears
TV tower in Kharkiv struck as Russia captured village
LCCI language courses from May 1
More Stories From Business
-
KPT shipping movements report
5 minutes ago -
Gold rates further decline by Rs.7,800 per tola to Rs.240,900
2 hours ago -
Tesla earnings a 'moment of truth' for Musk after stumbles
4 hours ago -
Foreign exchange rates
5 hours ago -
EXCHANGE RATES FOR CURRENCY NOTES
5 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 23 April 2024
6 hours ago
-
Today Gold Rate in Pakistan 23 April 2024
7 hours ago -
Tokyo shares open higher
7 hours ago -
Pakistan commends CIDCA for Continued Support in Economic Development
14 hours ago -
Macro-economic indicators start showing positive trends in country
14 hours ago -
Record London close as oil prices drop on easing Middle East fears
16 hours ago -
LCCI language courses from May 1
16 hours ago