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South Africa unemployment rate rises to one-year high

The jobless rate in South Africa was reported at a 1-year high in the first quarter of 2024, according to Statistics South Africa data.

The unemployment rate surged to 32.9% in Q1 from 32.1% in the final quarter of 2023.

The number of unemployed persons rose markedly, by 330,000, to reach 8.2 million, or the highest level since comparable records were initiated in 2008.

South Africa’s labor force expanded by 352,000 to 25 million, while the country’s employment levels increased by 22,000 to 16.7 million in Q1.

The economic sectors, where job losses were registered, include: community & social services (-122,000), construction (-106,000), finance (-50,000) and utilities (-17,000).

At the same time, sectors, where jobs were added in the quarter, include trade (+109,000) and manufacturing (+99,000).

The youth unemployment rate in the country, which tracks job-seekers aged between 15 and 24, rose to 59.7% in the first quarter from 59.4% in last year’s final quarter.

The South African Rand was 0.28% weaker on the day against the US Dollar, with the USD/ZAR currency pair last trading at 18.4154.

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