In the last quarter of 2023, France’s official unemployment rate remained steady at 7.5 percent, as the national statistics agency INSEE revised its initial estimate upwards by 0.1 percent. Despite this stability, the number of jobless individuals increased by 29,000 compared to the third quarter, totaling 2.3 million. This resulted in a 0.4 percentage point rise from the 40-year low recorded at the close of 2022.
President Emmanuel Macron has set an ambitious goal of achieving full employment by the conclusion of his second and final mandate in 2027, defined statistically as a rate of 5.5 percent or lower. Although progress is still required to meet this target, French unemployment has significantly decreased since its peak of 10.5 percent in mid-2015.
However, challenges persist, particularly among the youth, aged 15 to 24, where unemployment, while decreasing by 0.2 percent in the final quarter of 2023 to 17.5 percent, remains 0.6 percent higher than the end of 2022. Additionally, the long-term jobless figure, encompassing those unemployed for a year or more, marginally increased to 1.8 percent compared to the previous year.
This data underscores the complex landscape of French employment, with notable strides in reducing overall unemployment but persistent challenges in specific demographics.
