INSEE data shows that France’s unemployment rate fell slightly to 7.3% in the second quarter

2024-08-09 05:51:48

In front of a French labor agency in Damaries-les-Lys, northern France, April 23, 2024. Jeffrey van der Hasselt/AFP

After rising for several quarters, France’s unemployment rate fell by 0.2 percentage points in the second quarter of 2024, from 7.5% to 7.3% of the active population. INSEE reported on Friday, August 9.

This ratio, defined by the International Labour Office (ILO), is harmonised at European level and remains valid. “Just above the lowest point since 1982” The National Bureau of Statistics noted that it reached 7.1% in the fourth quarter of 2022 and the first quarter of 2023. The number of unemployed people, as defined by the International Labor Organization, that is, those who do not have a job, can immediately find a job and are looking for a job, decreased by 40,000 people to 2.3 million.

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This reduction constitutes “A bit of a surprise” In its last economic report, INSEE forecast that the unemployment rate would remain stable in the second quarter before rising slightly to 7.6% by the end of the year, said Vladimir Passeron, head of INSEE’s employment and income department. “We are in the midst of a slowdown in the labor market”He stressed, recalling the paid employment data published by INSEE at the beginning of the week, which stagnated in the second quarter.

Compared to the first quarter, the youth unemployment rate (15-24 years old) fell by 0.4 percentage points, but the unemployment rate in this age group rose by 0.8 percentage points year-on-year to 17.7%, while it remained basically stable among those aged 25-49 and older. The aura surrounding unemployment increased in the quarter (+39,000 people) but decreased in a year (-25,000 people), with 1.9 million people who want to work but are not considered unemployed because they are not looking for work or cannot find work.

The employment rate for people aged 15-64 in France is below the European average, and the government hopes to increase it through pension reform, but the proportion has reached 69%, the highest level since the French National Statistics Institute began monitoring it in 1975.

This trend confirms the observations of France Travail, which also noted that the number of job seekers in category A decreased in the second quarter (-0.4%), reaching 3.01 million. Including reduced activities (category B and C), the number of job seekers was 5.389 million. According to data from the Labor Ministry’s statistics department (Dares), this represents a decrease of 0.2% in the second quarter and an increase of 0.8% over the year.

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