7:30 am: Almost 500,000 net destruction of private employment in France in the 1st quarter
The first quarter of 2020 saw the destruction of 497,400 jobs in the private sector, a drop of 2.5% caused by a 40% collapse of the temporary agency under the effect of containment, according to the final estimate of the Insee published Thursday. Over one year, the decline is 1.6% (-317,200 jobs). At the end of March, salaried employment returned to “its lowest level since the fourth quarter of 2017”, according to INSEE.
This estimate is even worse than the provisional one published on May 7 which reported 453,800 job losses in the quarter. If we add the decline in the public service, which lost 4,900 jobs (or −0.1%), salaried employment fell by a total of 502,400 over the quarter. This drop is due to the historical decline in temporary employment (-40.4%, or -318,100 temporary workers, after -2,900 in the previous quarter).
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