Atmospheric disruptions and tensions for the French economy and employment
After a relatively calm summer, clouds are gathering over the French economy this October… Indeed, the disruptions don’t seem to be solely meteorological. A slowdown in growth and a decline in the number of private-sector employees according to the latest Insee estimates, a rise in the number of write-offs and collective procedures according to the latest data from the commercial courts, a drop in tech job vacancies in France between July and September according to the Adecco-Analytics barometer… There’s also electricity in the air in terms of the French economic atmosphere and business climate. But what about the employment environment in French Tech startups?
High pressure still hovers over the job market in French startups
The anticyclone, which has been protecting the French Tech job market from international and national turbulence for some time, still seems to be deflecting disruption from the sector. However, we have to admit that some of the disruptions became slightly more pronounced in October. Job creation was down on the previous month, but still generated +4,000 jobs. Job losses, on the other hand, rose, with 4,365 positions eliminated. The balance for October was therefore relatively stable, with a total of 35 jobs created.
Numerical, regional and sector analyses… For the moment, calm and stable weather
Based on our sample, we count almost 2,000 startups that created jobs in October, around 2,300 that shed jobs, and 6,300 startups that maintained their workforce. These October averages are relatively close to the monthly trends observed in our barometer since the beginning of the year. Indeed, since January, on average just over 2,200 startups have created jobs each month, nearly 1,900 have shed jobs, and 6,600 have stabilized their teams.
Turning to the regional basins, the data in our barometer also reveal an apparently calm “weather picture”. The vast majority of regions in mainland France are approaching “sea level”, with the balance of jobs created or eliminated close to “0”. As in July, however, a rather rare phenomenon was repeated, namely the slight downturn in the Île-de-France region. The latter was the only region to exceed the 100 jobs lost (or created) mark this month. However, this is anecdotal compared with the positive balance of over 13,000 net job creations recorded since the beginning of the year.
In terms of sector analysis, after creating over 300 jobs in September, the Fintech sector continued its momentum, creating a further 250 jobs in October. The sector thus confirms its second place on the podium of the most job-creating sectors. Greentech, although less buoyant in October, continues to “sunshine” jobs in French Tech startups. With over 4,300 net new jobs created since January, out of a total of over 22,300, the sector still accounts for almost one in five jobs!
In conclusion, we can see that the month of October is beginning to outline a basic trend for the second half of the year. After a better-than-expected first half (+20,000 jobs created between January and June inclusive), the second half of the year looks set to be much calmer (+1,600 jobs created between July and October inclusive). The calm before the storm? We look forward to seeing you in early December at https://barometrestartups.fr/ to find out whether the job market in French startups is holding up well in this economic fog.
