S/Africa's unemployment rate soars to 32.1%

S/Africa’s unemployment rate soars to 32.1%

By Mark Ogagan

Senate Revises Electoral Timeline, Slashes Notice Period to Avert Ramadan Clash in 2027 Polls

C’River: Otu, Betta Edu, NASS members Target 1.5m Votes for President Tinubu in 2027

Statistics SA have released their Quarterly Labour Force Survey (QLFS) results, which 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.

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 work-seekers 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.

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.(www.amatropics.com)