French unemployment rate stable at 7.5% in Q1 2024: INSEE

The International Labour Organisation (ILO) unemployment rate stood at 7.5 per cent of the labour force—stable compared to Q4 2023. It was 0.4 points above its Q1 2023 level, which, like in Q4 2022, was the lowest since 1982.

The unemployment rate in Q1 2024 increased by 0.6 points for people aged 15 to 24 to 18.1 per cent—up 1.5 points year on year (YoY). For those aged 25 to 49, it declined by 0.2 points QoQ to 6.8 per cent, and rose by 0.4 points YoY.

Finally, for those aged 50 or more, the unemployment rate was virtually stable over the quarter at 5.1 per cent, almost at the same level as a year ago (minus 0.1 points).

The women’s unemployment rate in Q1 2024 barely decreased (minus 0.1 points) to 7.3 per cent, while the men’s unemployment rate rose slightly to 7.7 per cent (plus 0.1 points).

Among the unemployed, 549,000 on an average in Q1 2024 declared being jobless and having been job seeking for at least one year. This number decreased by 23,000 QoQ, an INSEE release said.

The long-term unemployment rate was stable over the quarter and over the year at 1.8 per cent of the labour force. It remained 0.4 points below its level at the end of 2019.

On an average, in Q1 2024, the employment rate of people aged 15 to 64 increased by 0.3 points to 68.8 per cent. It stood 0.2 points above its level from a year ago and reached its highest since INSEE started measuring it (1975).

The employment rate increased QoQ for all ages in Q1 2024. Among young people (aged 15-24), it rose by 0.2 points to 35.3 per cent, virtually stable over the year. For those aged 25 to 49, it increased by 0.3 points QoQ to 82.7 per cent, but remained below its Q1 2023 level (minus 0.2 points).

Finally, for those aged 50 to 64, the employment rate increased by 0.5 points QoQ, bringing the YoY rise to 1.2 points, reaching 67.7 per cent—its highest level since INSEE started measuring it in 1975. In particular, the employment rate for people aged 55 to 64 rose by 0.7 points QoQ and by 1.9 points YoY.

In Q1 2024, 4.3 per cent of employed people were underemployed. This share decreased slightly by 0.2 points QoQ and stood almost at the its level from a year ago, but 1.6 points below its pre-COVID crisis level at the end of 2019.

The permanent employment rate for people aged 15 to 64 was stable over the quarter in Q1 2024 to 50.7 per cent. It stood 0.1 points above its level from a year ago, 0.9 points above its Q4 2019 level and at its highest level since INSEE started measuring it on a quarterly basis in 2003.

Fibre2Fashion News Desk (DS)