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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.

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