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Fin24 reports that according to Statistics SA, the official unemployment rate declined further to 32.9% in the third quarter of 2022, from 33.9% in the second quarter.
Unemployment hit a record high of 35.3% in the fourth quarter of 2021. The Quarterly Labour Force Survey (QLFS) shows that 204,000 jobs were gained between the second and third quarter of 2022. The largest job gains were in manufacturing (+123,000), trade (+82,000), construction (+46,000) and transport (+33,000). Job losses were however recorded in the finance sector (-80,000), private households (-36,000) and mining and agriculture (-1,000). The expanded unemployment rate – which includes discouraged job seekers who have given up looking for work – decreased to 43.1% in the third quarter from 44.1% in the second quarter. Investec said it expected the third quarter unemployment rate to remain elevated at 33.6%, reflecting SA’s struggling economy.
- Read the full original of the report in the above regard at Fin24
- Read too, Unemployment at lowest level since first quarter of 2021, at BusinessLive
Get other news reports at the SA Labour News home page