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French business confidence highest since 2008: survey

This file picture shows a general view of the skyline of Paris' La Defense business district. REUTERS/Charles Platiau

French business confidence hit a near 10-year-high in November, French statistics agency INSEE said on Thursday.

The confidence indicator, based on a survey of French business people, rose two points in November to 111, its highest level since January 2008 and well above the long-term average of 100 points.

The jobs market, measured by employers’ hiring plans, also improved in November with its indicator rising one point to 109 to reach its highest level since 2011.

President Emmanuel Macron had pushed through a major reform of French labour law in September designed to encourage hiring and has staked his presidency on combating unemployment.

He is also benefiting from an improving economic climate that has seen growth pick up across the eurozone common currency area amid stock market gains.

The French economy chalked up a fourth consecutive quarter of strong growth between July and September with expansion of 0.5 percent year-on-year, led by a pick-up in household consumption and investment.

The growth figures published at the end of October suggested that France was on course to achieve growth of 1.8 percent this year, meeting the government's target. - AFP