In October 2024, the number of unemployed people in mainland France increased by 53,600, reaching 2.892 million. This is the largest monthly rise since the pandemic-driven spike in April 2020 and marks the highest unemployment level since September 2022.
This significant increase challenges the belief that France’s job market has been strong despite the European Central Bank’s (ECB) higher interest rates. It supports the concerns of some ECB officials who are cautious about further rate hikes.
Breaking down the numbers:
- Prime Working Age (25-49 years): Unemployment rose by 26,500, totaling 1.685 million people.
- Youth (Under 25 years): The number of unemployed increased by 14,300, reaching 408,000.
- Older Workers (50 years and above): Unemployment increased by 12,800, totaling 799,000 individuals.
These figures indicate that all age groups are affected, with the prime working-age group experiencing the most significant rise in joblessness.