South Africa’s official unemployment fee has dropped by 0.2 share factors to 31.9% within the fourth quarter of 2024, down from 32.1% within the earlier quarter.
That is in accordance with the most recent Quarterly Labour Power Survey (QLFS) launched by Statistics South Africa on Tuesday.
Labour pressure
The survey outcomes point out a rise of 132 000 within the variety of employed individuals, bringing the entire to 17.1 million within the fourth quarter.
On the identical time, the variety of unemployed individuals decreased by 20 000 to eight million.
This contributed to an total improve of 112 000 (0.4%) within the labour pressure throughout the identical interval.
Regardless of these good points, the variety of discouraged work-seekers elevated by 111 000 (3.3%), whereas those that weren’t economically lively for causes apart from discouragement decreased by 93 000 (0.7%).
This led to a rise of 18 000 within the variety of the not economically lively inhabitants to 16.5 million.
“The above modifications in employment and unemployment resulted within the official unemployment fee lowering by 0.2 of a share level from 32.1% within the third quarter of 2024 to 31.9% within the fourth quarter of 2024.
“The expanded unemployment fee within the fourth quarter of 2024 remained unchanged at 41.9% when put next with the third quarter of 2024,” Statistics South Africa mentioned.
The variety of individuals employed within the formal sector elevated by 90 000 in quarter 4 of 2024, and the casual sector employment elevated by 34 000 over the identical interval.
Provinces ranked
The most important will increase in employment have been recorded in finance with 232 000 and manufacturing with 41 000. Decreases in employment have been recorded in group and social companies at 63 000, commerce at 48 000, building at 22 000, mining at 18 000, utilities at 17 000 and agriculture at 11 000.
The outcomes additionally point out that the most important will increase in employment have been noticed in Western Cape at 62 000, KwaZulu-Natal at 52 000 and Gauteng at 45 000, whereas decreases have been solely noticed in Free State at 25 000, North West at 20 000 and Limpopo at 16 000.
Stats SA added that the youth aged between 15-34 years proceed to face challenges within the labour market. The outcomes for the fourth quarter of 2024 present that the entire variety of unemployed youth decreased by 133 000 to 4.7 million, whereas employed youth recorded a rise of 37 000 to five.8 million.
Because of this, the youth unemployment fee decreased from 45.5% within the third quarter of 2024 to 44.6% within the fourth quarter of 2024.
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