The unemployment rate in France, as measured by the International Labour Organization (ILO), remained stable at 7.5% of the active population in the first quarter of 2024 compared to the previous quarter, according to the National Institute of Statistics and Economic Studies (INSEE). There were 6,000 additional unemployed individuals recorded in the last quarter, bringing the total number of unemployed individuals in France (excluding Mayotte) to 2.3 million. The government aims to reduce the unemployment rate to 5% by 2027, as it had reached its lowest level since 1982 at 7.1% in late 2022 and early 2023. Despite the slight increase to 7.5%, it remains 3 percentage points lower than its peak in mid-2015.
Within different age groups, the unemployment rate increased by 0.6 percentage points for 15-24 year olds to 18.1%, rising by 1.5 points over the past year. It decreased by 0.2 points for 25-49 year olds to 6.8% and remained nearly stable for those aged 50 and over at 5.1% (+0.1 points). The unemployment rate slightly decreased by 0.1% for women to 7.3% and increased by 0.1% for men to 7.7%. The “halo” around unemployment, consisting of individuals considered inactive by the ILO because they want a job but are not actively seeking one or are not available, decreased slightly by 16,000 people, affecting a total of 1.9 million people. The long-term unemployment rate, reflecting those who have been job searching for at least a year, remained steady at 1.8% of the active population, with 549,000 individuals in this category.
The stability of France’s unemployment rate at 7.5% in the first quarter of 2024 highlights ongoing challenges in the job market, particularly for younger age groups. While efforts to reduce unemployment to 5% by 2027 are underway, there is a need for targeted strategies to address specific demographic groups, such as young adults and long-term unemployed individuals. The slight decrease in the “halo” around unemployment indicates some progress in engaging those who are not actively seeking work but desire employment. Continued monitoring of these trends will be essential to track progress towards reducing unemployment across different segments of the population.
The fluctuations in the unemployment rate by age and gender underscore the need for tailored approaches to address the diverse challenges faced by different demographic groups in the labor market. The slight increase in the unemployment rate for men and decrease for women suggest differing impacts of economic conditions on each gender. Additionally, the stability of the long-term unemployment rate indicates persistent challenges for individuals who have been searching for work for an extended period. Implementing targeted support programs and policies to assist these groups in re-entering the job market will be crucial in achieving the government’s goal of reducing the overall unemployment rate in the coming years.
In summary, the stabilization of France’s unemployment rate at 7.5% in the first quarter of 2024 reflects ongoing efforts to address job market challenges, with a specific focus on reducing unemployment to 5% by 2027. Despite the overall stability, fluctuations in unemployment rates across different age and gender groups highlight the need for targeted interventions to support vulnerable populations. The decrease in the “halo” around unemployment and stability of the long-term unemployment rate indicate progress in engaging and supporting individuals seeking work. Continued monitoring and implementation of tailored strategies will be essential in addressing specific demographic challenges and achieving sustainable reductions in unemployment levels moving forward.
