France hits 2.3 million unemployed, returning to same level as last quarter of 2021.
The unemployment rate is almost stable at 7.4% of the labor force in France (excluding Mayotte) in the second quarter of 2022, compared to 7.3% in the first quarter of the year, according to figures published by INSEE on Friday.
In the second quarter, the number of unemployed as defined by the International Labor Office (ILO) reached 2.3 million people, ie 29,000 more in the quarter, returning to the same level as in the last quarter of 2021. The unemployment rate is back to where it was in the fourth quarter of 2021.It is 0.5 points below its level in the second quarter of 2021 and 0.8 points below the level before the health crisis (end of 2019).“, the INSEE displays.
Rise in youth unemployment
In the second quarter of 2022, the youth unemployment rate increased (+1.3 points to 17.8%) but remained well below its pre-crisis level (by 3.7 points). In the other age categories, it remained almost stable for the 25-49 year olds (+0.1 points to 6.7%) and fell by 0.3 points for the over 50 year olds (to 5.2%).
Regarding the indicator of “Halo on unemployment“, i.e. people who want to return to the labor market but are not considered unemployed by the ILO (actually jobseekers and are available), it rose slightly to 1.9 million people in the quarter (+0.1 points to 4.5% The long-term unemployment rate (at least one year) fell very slightly to 2.1% of the labor force (-0.1 point), remaining 0.3 point below the level of a year ago.
The proportion of underemployed, part-time unemployed or part-time employees looking to work more decreased 0.1 percentage point (ie 4.6 million people) in the quarter. This is the lowest underemployment since 1992.
The employment rate for those aged 15 to 64 isstable, at 68%“, or at the highest level since measured by the INSEE (1975), adds the Institute for Statistics. Compared to the previous quarter, the rate increased by 1 point.
Depending on the age group, this rate increases by 0.3 points for young people (to 34.9%, the highest level since 1990), falls by 0.2 points to 82.3% for 25-49 year-olds and is increasing 0.5 points to 66% for 50-64 years, i.e. over “its all-time high in the previous quarter“.
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