Data published by the National Institute of Statistics and Economic Studies (INSEE) showed that in the 3rd quarter, the ILO unemployment rate rose to 7.4%, as expected, from 7.3% in the 2nd quarter. The number of unemployed increased by 35,000 compared to the 2nd quarter, to 2.3 million.
INSEE stated that the unemployment rate rose by 1.8% q/q for people aged 15 to 24, to 19.7%. It stood 2.4% above its level from a year ago and at its highest since the 1st quarter of 2021. For people aged 25 to 49, it was virtually stable over the quarter (-0.1%) and decreased by 0.2% over the year, to 6.6%. For people aged 50 or more, the unemployment rate decreased by 0.3% q/q and by 0.5% over the year, to 4.7%, its lowest level since the end of 2008.
The report also showed that on average, the employment rate of people aged 15 to 64 increased by 0.1% q/q, bringing the year-on-year rise to +0.7%. It stood at 69.1%, its highest level since INSEE started measuring it (1975). The full-time employment rate increased by 0.1% q/q and by 0.5% over the year, to 57.5%. The part-time employment rate was stable over the quarter but remained 0.2% above its level from a year ago, at 11.6%.