South Africa’s unemployment rate highest since Q2 2022

The unemployment rate in South Africa has risen to 33.5% in the second quarter of 2024 from 32.9% in Q1, data by Statistics South Africa showed.

It has been the highest jobless rate since the second quarter of 2022.

In comparison, market consensus had pointed to a decrease to 32.3%.

The number of unemployed persons went up by 158,000 to 8.4 million, or the highest since comparable records were initiated in 2008.

South Africa’s labor force expanded by 66,000 to 25 million in Q2, while employment decreased by 92,000 to 16.7 million.

In Q2, job losses were observed in the following sectors:

– trade (-111,000);
– agriculture (-45,000);
– private households (-18,000);
– construction (-11,000);
– financial services (-9,000).

The South African Rand was 0.21% stronger on the day against the US Dollar, with the USD/ZAR currency pair last trading at 18.1611.