According to the final figures published by Insee, France experienced the loss of 715,000 jobs in the first quarter of 2020. This number represents a 2.3% decrease compared to the previous year.
Then, more than 150,000 jobs were further eliminated in the second quarter. Insee predicts a significant increase in the unemployment rate for the second half of the year. The French GDP is expected to rebound slightly less than previously anticipated.
In total, 570,000 salaried jobs were lost in France over one year (equivalent to roughly the number of jobs created between 2018 and 2019), and the unemployment rate is expected to reach 9.5% by the end of the year (which is 2 points higher than at the start of 2020)… but two pieces of good news offer a glimmer of hope: Insee also reveals that temporary employment surged in the 2nd quarter, indicating a rebound in activity… and according to the Manpower barometer, French employers’ hiring intentions turned positive for the 1st time for the 4th quarter.
