DECRYPTION – The strong rebound in the French job market hides a dark side concerning the private sector.
After a crisis of unprecedented scale in 2020, the government can rejoice in the strong rebound in the French job market. In just two years, thanks to colossal financial support from the State with the implementation of various hiring aids, the economy has created nearly a million jobs and has succeeded in bringing down the rate unemployment to 7.3% of the active population.
A dynamic which, however, hides a dark side. “While thepaid employment market increased by approximately 4.5% over the period, the value added of the private sector only increased by 0.8%. So a lot of jobs have been created to do the same thing. That is to say, to ensure a level of activity almost similar to that before the crisis, or at least slightly better but not in the expected proportionsanalyzes Mathieu Plane, economist at the OFCE.
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This means in particular that employee productivity has declined over the past two years. A situation that is not intuitive: in times of crisis…
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