Unemployment Drops in Morocco to 8.5%

Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
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Unemployment Drops in Morocco to 8.5%

Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer
Employees work at a factory operated by Somaca in Tangiers, file. REUTERS/Stringer

The unemployment rate in Morocco reached 8.5 percent at the end of June after it was at 9.1 percent last year, Reuters reported, quoting the Kingdom’s High Commission of Planning.

HCP said that the job market was marked by a “further decline” in employment rates in cities, however, rural areas saw a rise of unemployment due to aridity.

“The number of unemployed people has declined from 1.1 million to 1.03 million following a drop of 77,000 in unemployed people,” the HCP said.

The report published on Wednesday showed that Morocco’s national economy created 7,000 job opportunities in the second quarter of 2019 compared to the much higher 117,000 in the same period in 2018.

The unemployed rate in urban areas dropped around 84,000 while it rose approximately 7,000 in rural areas. The unemployment rate in urban areas declined from 13.7 percent to 12.4 percent. , however, it rose in rural areas to 3.3 percent from 3 percent.

The Moroccan economy created during this period 210,000 jobs and lost 203, added the report.

It added that the services sector created 167,000 jobs, while industrial sectors created 43,000 jobs. The construction sector lost 27,000 jobs at the national level due to the continuous real estate crisis, while the agricultural sector lost 176,000 jobs due to aridity.

In the statement, the agency said that 132,000 jobs were gained in cities while only 125,000 were provided in rural areas.



Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
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Trump Taps Scott Bessent for Treasury

(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)
(FILES) Scott Bessent, head of Key Square Group and former chief investment officer of Soros Fund Management, attends the second day of the annual Allen & Company Sun Valley Conference, July 12, 2017 in Sun Valley, Idaho.(Photo by Drew ANGERER / GETTY IMAGES NORTH AMERICA / AFP)

President-elect Donald Trump on Friday said he will nominate prominent investor Scott Bessent as US Treasury secretary, a key cabinet position with vast influence over economic, regulatory and international affairs.

"I am most pleased to nominate Scott Bessent to serve as the 79th Secretary of the Treasury of the United States," Trump said in a statement released on Truth Social. "Scott is widely respected as one of the world's foremost international investors and geopolitical and economic strategists."

Wall Street has been closely watching who Trump will pick, especially given his plans to remake global trade through tariffs and extend and potentially expand the raft of tax cuts enacted during his first term, Reuters reported
The choice came after days of deliberations by Trump as he sorted through a shifting list of candidates. Bessent spent day after day at Trump's Mar-a-Lago home in Florida providing economic advice, sources said, a proximity to the president-elect that may have helped him prevail.
Other names that had been floated included Apollo Global Management Chief Executive Marc Rowan and former Federal Reserve Governor Kevin Warsh. Investor John Paulson had also been a leading candidate, but dropped out, while Wall Street veteran Howard Lutnick, another contender, was appointed as head of the Commerce Department.
Bessent, who did not immediately respond to a request for comment, has advocated for tax reform and deregulation, particularly to spur more bank lending and energy production, as noted in a recent opinion piece he wrote for The Wall Street Journal.
The market's surge after Trump's election victory, he wrote, signaled investor expectations of "higher growth, lower volatility and inflation, and a revitalized economy for all Americans."
"Bessent has been on the side of less aggressive tariffs," said Oxford Economics' Ryan Sweet, adding that picking him makes the steep tariffs Trump proposed on the campaign trail less likely.
Bessent follows other financial luminaries who have taken the job, including former Goldman Sachs executives Robert Rubin, Hank Paulson and Steven Mnuchin, Trump's first Treasury chief. Janet Yellen, the current secretary and first woman in the job, previously chaired the Federal Reserve and White House Council of Economic Advisers.
Republican US Senator Lindsey Graham from South Carolina, Bessent's home state, said in a statement: "President Trump's economic agenda is in good hands with Scott Bessent. I look forward to working closely with Scott and President Trump to lower inflation and create the golden age of prosperity for the American people."