The Citizen reports that although Statistics SA’s Quarterly Labour Force Survey (QLFS) for the fourth quarter of 2024 showed an improvement in the unemployment rate, SA still needs to create almost 8 million jobs.

According to the household-based employment survey, there was an increase in total employment during the fourth quarter of 131,669 jobs compared to the third quarter, when there was an increase of 293,840 jobs. The faster increase in employment compared to unemployment resulted in the official unemployment rate falling by 0.2 percentage points to 31.9%. The absorption rate also increased by 0.2 percentage points to 41.1%, the highest level since the 42.1% recorded in the first quarter of 2020, suggesting a steady improvement in the economy’s ability to create jobs and absorb workers. The expanded unemployment rate in the period under review remained unchanged at 41.9% compared with the third quarter of 2024. Thanda Sithole, senior economist at FNB, noted that youth unemployment remained critically high, with the jobless rate for the age group 15 to 24 falling to 59.6% from 60.2%, while it declined to 39.4% from 40.4% for the age group 25 to 34. Sithole said this data underscored the urgent need to accelerate pro-growth structural reforms to drive sustainable and inclusive economic expansion. Economists at the Nedbank Group Economic Unit expect the labour market outlook to continue to improve modestly as structural constraints ease and cyclical forces become more favourable. But, they warn that looming labour disputes and retrenchment in specific industries, particularly manufacturing and mining, could also undermine the effort to reduce unemployment.

• Read the full original of the report in the above regard by Ina Opperman at The Citizen
• Read too, Unemployment rate falls further in fourth quarter of 2024, at BusinessLive
• And also, Unemployment rate eases to 31.9% as four industries add jobs, at Mail & Guardian

Get other news reports at the SA Labour News home page