France: Positive news on the employment front – BNP Paribas
|Hélène Baudchon, analyst at BNP Paribas, points out that for the French economy private payrolls gains have been on an upward trend (+31k in Q3 2018, +54k 2018 in Q4, +66k in Q1 2019), contrasting favourably with the stability of GDP growth over the same period.
Key Quotes
“Nearly 900,000 private payrolls were created on a net basis since the 2013 trough.”
“The prospects for 2019 are encouraging judging by the latest Pole emploi study on manpower requirements, which reports another sharp rise in staffing plans of 15% after an impressive gain of 19% in 2018. These plans represent 2.69 millions of potential hiring. Their number is up in every sector and in a particularly dynamic way in the construction, industry and business services sectors.”
“The large increase in recruitment projects on open-ended contracts (+24%) is also noteworthy (+8% for fixed-term contracts). This bigger number of staffing plans goes hand in hand with bigger hiring difficulties: the percentage of projects expected to be difficult reaches 50.1%.”
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