Good news appears in the latest employment figures, unveiled Friday, November 6 by the National Institute of Statistics and Economic Studies (Insee). Between the end of June and the end of September 2020, 344,400 net job creations were recorded.
“A good surprise”
Admittedly, this rise does not compensate for the 650,000 job losses in the first two quarters. “But there is a good surprise, analysis Bertrand Martinot, labor market expert at the Institut Montaigne. Job creations are twice as strong as forecasted by INSEE in October. “ This is mainly due to an increase in hiring in market services, without there being more details on this subject for the time being.
“The rebound in employment was very strong because the rebound in the economy was very strong”, continues Bertand Martinot. In the third quarter, GDP had returned to growth of 18.2%, which had repercussions on hiring. Of these 344,400 creations, 135,900 happen to be temporary employment.
“The labor market in France is very flexible on these margins, which are temporary workers, as well as fixed-term contracts. “ They were the ones who were most affected by the health crisis in the first half of the year. For Bertrand Martinot, it is therefore part of the destroyed jobs that has been recreated.
“The problem is before us”
“It doesn’t say much about the deep state of the labor market”, however, notes the analyst. Partial activity is maintained, it has again been extended to several sectors, and companies continue to benefit from the solidarity fund. The social plans announced from June have not yet entered into force, so they do not appear in the figures. “The problem is therefore before us. New questions will arise when partial activity decreases. “
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In its October note, INSEE had already forecast that the last quarter of 2020 would again be marked by further job losses. A forecast made before the announcement of a reconfinement.