South Africa’s unemployment rate increases to a whopping 32.1%
According to the latest Stats SA figures the unemployment rate in South Africa increased to a whopping 32.1 during the last quarter of 2023.
The unemployment rate in the last quarter of 2023 increased to 32.1%, according to Statistics South Africa.
Stats SA released the figures on Tuesday, 20 February.
UNEMPLOYMENT RATE IN SOUTH AFRICA INCREASES
On Tuesday, Statistics SA said the Quarterly Labour Force Survey (QLFS) results indicate that the number of employed persons decreased by 22,000 to 16,7 million in the fourth quarter of 2023 compared to the third quarter of 2023.
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The statistical service said the number of unemployed persons increased by 46,000 to 7,9 million during the same quarter.
Additionally, the number of people who were not economically active for reasons other than discouragement increased by 218,000 to 13,4 million.
At the same time, discouraged workers decreased by 107,000 in the fourth quarter of 2023 compared to the third quarter of 2023. This resulted in a net increase of 111,000 in the not economically active population.
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WHAT WAS THE RATE IN Q3?
In November 2023 the unemployment rate dropped to 31.9% in the third quarter, marking a nearly 1% decrease from the previous quarter, surpassing expectations.
Key contributors to job creation were finance and the community and social service sectors. Notably, the increase brought the country’s employment level above pre-COVID-19 levels.
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