According to INSEE, the number of unemployed as defined by the International Labor Office (ILO) increased by 29,000 in the fourth quarter from the previous one, reaching 2.3 million people. The unemployment rate is 0.4 points higher than at the end of 2022, but it remains significantly below its peak in mid-2015 by three more points.
In terms of age groups, the unemployment rate decreased slightly for those aged 15-24 years old while increasing for those aged 25-49 years old. It remained relatively stable for those over 50 years old. The rate for women barely changed while that of men increased slightly.
The long-term unemployment rate also increased slightly with an average of 571,000 people declaring to be unemployed and looking for over a year in the fourth quarter of 2023, marking an increase of 33,000 from the previous quarter. However, it remains lower than its level at the end of 2019 and its level at the end of 2019.
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Overall, while there were slight increases in both short-term and long-term unemployment rates compared to last year’s numbers, these increases are relatively small when compared to historical highs.
It is worth noting that despite some progress made since mid-2015 in reducing unemployment levels, there is still significant work to be done to address this issue fully.