Unemployment rate rises to 33.5% in South Africa
- Economy
- August 13, 2024
- No Comment
- 29
The unemployment rate rose in the second quarter to the highest level since 2022, to 33.5%, compared with 32.9% in the previous quarter in South Africa. This is due to job losses in the trade and agriculture sectors.
According to Quarterly Labour Force Survey [QLFS] results, there was a decrease of 92 000 in the number of employed persons to 16,7 million in Q2:2024.
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There was an increase of 158 000 in the number of unemployed to 8,4 million compared to Q1:2024. This resulted in an increase of 66 000 [up by 0,3%] in the labour force in the same period.
Discouraged work-seekers increased by 147 000 [up by 4,8%], while the number of persons who were not economically active for reasons other than discouragement decreased by 75 000 (down by 0,6%) between the two quarters.
LATEST STATS SHOW IN INCREASE IN THE UNEMPLOYMENT RATE IN SOUTH AFRICA
This led to an increase of 72 000 in the number of the not economically active persons to 16,3 million in the second quarter of 2024.
The above changes in employment and unemployment resulted in the official unemployment rate increasing by 0,6 of a percentage point from 32,9% in the first quarter of 2024 to 33,5% in the second quarter of 2024.
In comparison to Q1 of 2024, the expanded unemployment rate in Q2 of 2024 increased by 0,7 of a percentage point to 42,6%.