Unemployment grim, moving in wrong direction ahead of election

The unemployment numbers for the first quarter of 2024 are grim and moving in the wrong direction ahead of the election. The official unemployment rate increased to 32.9% in the first quarter, while the ‘broad’ unemployment rate increased to 41.9%.

The number of employed people increased by 22 000 to 16.7 million in the first quarter compared to the fourth quarter of 2023, while the number of unemployed people increased by a more concerning 330 000 to 8.2 million compared to the previous quarter.South Africa’s official unemployment rate moved higher to 32.9% in Q1 2024, while the ‘broad’ unemployment rate increased to 41.9%Van der Linde says jobs day is rarely a positive one in South Africa and the latest numbers are particularly grim.

Johannes Matimba Khosa and Nicky Weimar, economists at the Nedbank Group Economic Unit, say the total of 552 000 jobs created compared to a year ago was probably boosted by less disruptive power cuts and modest improvements in rail and port services. Consequently, they expect job creation to remain weak in 2024, with employment drifting sideways. However, they believe a more meaningful recovery is likely next year as inflation dips towards 4.5% and the South African Reserve Bank reduces interest rates more significantly, creating space for faster growth in domestic demand and job creation.

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