Reuters – In the third quarter of 2023, France’s unemployment rate experienced a slight increase, moving from 7.2% in the previous quarter to 7.4%. This figure surpassed market expectations, which had predicted a rate of 7.3%. The current unemployment rate is the highest since the second quarter of 2022, with the total number of unemployed individuals rising by 78 thousand to reach 2.3 million.
Age and Gender Disparities in Unemployment
The unemployment situation varied across different age groups. For individuals aged 15 to 24, the unemployment rate increased by 0.7 percentage points to 17.6%. Those aged 25 to 49 saw a smaller increase of 0.2 percentage points, bringing their unemployment rate to 6.7%. However, the unemployment rate for people aged 50 and above remained stable at 5.1%.
In terms of gender, both men and women experienced an increase in unemployment, with the rate for both groups rising to 7.4%. Men’s unemployment increased by 0.1 point, while women’s unemployment saw a slightly larger increase of 0.3 point.
Meanwhile, economic activity in France showed a marginal decrease, moving from 73.9% to 73.8%.
Economic Implications
The rise in unemployment could have several implications for France’s economy. On one hand, it could lead to a decrease in consumer spending, which could slow economic growth. On the other hand, high unemployment could put pressure on the government to implement policies to stimulate job creation. Therefore, it’s crucial for policymakers to monitor these trends closely to ensure economic stability.
