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FRANCE DATA: France Flash Private Sector Employment Falls; Broad-Based Weakness

FRANCE DATA
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In Q4 2024, the flash estimate for French total private sector salaried employment fell 0.2% Q/Q (vs growth of 0.1% in Q3). On an annual basis employment was flat (0.0%), down from 0.2% Y/Y in Q3, though it is still firmly above levels before the covid pandemic (end of 2019) by 5.6%.

  • The quarterly decline is driven by falls in all sectors except for the non-market services which saw unchanged Q/Q employment.
  • The agricultural private sector saw estimated Q4 employment fall 0.8% Q/Q, after growth of 2.3% in Q3. Though in Q2 it saw a fall of 3.4% Q/Q.
  • The construction sector private employment is estimated to have declined 0.5% Q/Q in Q4 2024 after -0.2% in Q3. This would be the eighth consecutive quarter printing a negative reading.
  • Market services saw estimated employment fall 0.3% Q/Q (vs a rise of 0.1% in Q3), this is driven by a 1.9% Q/Q fall in temporary employment following a 0.9% fall in Q3. Note all temporary workers are included in market services regardless of the sector they work in.
  • The good-producing industrial sector (ex construction) estimated employment fell a marginal 0.1% Q/Q (vs 0.0% prior). This is the first negative reading since Q4 2020.
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In Q4 2024, the flash estimate for French total private sector salaried employment fell 0.2% Q/Q (vs growth of 0.1% in Q3). On an annual basis employment was flat (0.0%), down from 0.2% Y/Y in Q3, though it is still firmly above levels before the covid pandemic (end of 2019) by 5.6%.

  • The quarterly decline is driven by falls in all sectors except for the non-market services which saw unchanged Q/Q employment.
  • The agricultural private sector saw estimated Q4 employment fall 0.8% Q/Q, after growth of 2.3% in Q3. Though in Q2 it saw a fall of 3.4% Q/Q.
  • The construction sector private employment is estimated to have declined 0.5% Q/Q in Q4 2024 after -0.2% in Q3. This would be the eighth consecutive quarter printing a negative reading.
  • Market services saw estimated employment fall 0.3% Q/Q (vs a rise of 0.1% in Q3), this is driven by a 1.9% Q/Q fall in temporary employment following a 0.9% fall in Q3. Note all temporary workers are included in market services regardless of the sector they work in.
  • The good-producing industrial sector (ex construction) estimated employment fell a marginal 0.1% Q/Q (vs 0.0% prior). This is the first negative reading since Q4 2020.
image