Skip to main content
Invest Now
012 012 5270
Copyright © Aluma Capital (Pty) Ltd. All rights reserved.
Aluma Capital (Pty) Ltd is a registered Financial Services Provider (FSP 46449) in terms of The Financial Advisory and Intermediary Services Act (37 of 2002)
Frederick Mitchell, Chief Economist | Aluma Capital (Pty) Ltd
Frederick Mitchell
November 12, 2024

Employment Statistics in South Africa

In Q3 2024, South Africa’s unemployment rate decreased from 33.5% to 32.1%, with the expanded rate falling to 41.9%. Formal non-agricultural employment rose by over 200,000, while 294,000 new jobs were created. Despite some sector losses, overall trends reflect a growing economic confidence and improved employment conditions.

The employment statistics for the third quarter of 2024 reveal encouraging trends, as the unemployment rate decreased from 33.5% in the second quarter to 32.1% for the quarter under review. Additionally, the expanded unemployment rate— which includes both unemployed individuals and discouraged job seekers—fell by 0.7%, from 42.6% to 41.9%.

In South Africa, formal non-agricultural employment rose by more than 200,000, increasing from 16.7 million to 16.9 million in the third quarter. Correspondingly, the number of unemployed individuals declined from 8.4 million to 8.0 million. Overall, 294,000 new jobs were created during Q3 of 2024, marking a significant rebound following a contraction of 92,000 jobs in the previous quarter.

Unemployment rates dropped in seven of the nine provinces, with only KwaZulu-Natal and Limpopo experiencing increases. Employment growth was noted across various sectors: the informal sector added 165,000 jobs, the formal sector gained 122,000 jobs, and the agricultural sector saw an increase of 39,000 jobs. However, the finance sector experienced the most significant job loss, with a reduction of 120,000 positions, according to StatsSA data.

Overall, these employment figures are positive, as the unemployment rate fell more than the consensus forecast of 32.9% for the third quarter. The decrease in unemployment can be attributed to a steady electricity supply and a renewed confidence in the economy, which are beginning to yield tangible improvements in what is often a challenging labour market in a developing country like South Africa.

Back to News

More Coverage

Private Sector Credit Extension (PSCE)

September 2025
In September 2025, credit demand increased by 6.0%, slightly surpassing the previous month’s growth yet remaining just below the market expectation of 6.1%. Since the interest rate cuts began in September 2024, overall credit growth has gained momentum, with most subcategories recording increases from July to September 2025.

South Africa’s Economic Crossroads

Reforms, Growth, and the Path to Fiscal Stability
As South Africa prepares for the Medium-Term Budget Policy Statement (MTBPS) on November 12th, 2025, the nation faces a pivotal moment. The government’s ability to fund ambitious initiatives like the National Health Insurance (NHI), the R100 billion transformation fund, and infrastructure revitalisation depends fundamentally on creating a conducive economic environment that stimulates growth and broad-based prosperity.

Consumer Inflation

September 2025
In September 2025, the Consumer Price Index (CPI) saw a modest rise to 3.4%, slightly up from 3.3% in August, yet just below the analysts’ forecast of 3.5%.

Unleashing South Africa’s True Potential

A Bold New Blueprint for Sustainable Growth
South Africa’s economic trajectory is at a critical crossroads. After more than a decade of sluggish growth—averaging below 1% annually—the country faces an urgent need for bold, strategic action to unlock its full potential. Despite efforts at structural reform, global rating agencies like Moody’s confirm that current initiatives are insufficient to propel South Africa towards the government’s ambitious target of 3.5% annual growth by 2030. The reality is stark: unless we change course, we risk falling further behind.

Mining Production and Sales

August 2025
In August 2025, mining activity in South Africa declined by 0.2% year-on-year, following a 5.1% increase in July.
0:00
0:00