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Unemployment rate dropped to 32.9% in fourth quarter, but remained above pre-Covid level

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Stats SABL Premium reports that SA’s unemployment rate fell slightly in the fourth quarter, reaching the lowest level in two years, but at 32.7% the country’s jobless rate remained well above pre-pandemic levels.

Stats SA’s quarterly labour force survey released on Tuesday showed a slight moderation in the jobless rate from the third quarter’s 32.9%. The unemployment rate according to the expanded definition, which included people who were available for work but not looking for a job, stood at 42.6% from 43.1% previously. While the latest jobs report offered some good news, it did not detract from the country’s sky-high unemployment rate. SA’s labour market is 594,000 jobs below the peak employment level achieved in 2018’s fourth quarter, and 448,000 jobs below the employment level that prevailed before the pandemic. The numbers are worse for youth unemployment, which was measured at 61% in the fourth quarter. The power situation is said to be severely affecting economic growth and jobs. According to PwC, power cuts reduced potential real GDP growth by five percentage points in 2022, costing the country about 600,000 potential jobs. But there were some employment gains. Stats SA said the number of employed people rose by 169,000 during the fourth quarter. The performances of the various industries during the quarter and the year were mixed. The finance, private households, trade and transport industries recorded the largest job gains while the largest losses were in community and social services, agriculture and construction.

  • Read the full original of the report in the above regard by Thuletho Zwane at BusinessLive (subscriber access only)
  • Read too, Unemployment rate eases slightly despite record load shedding, at Fin24


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