South Africa Unemployment Rate

South Africa's unemployment rate rose to 32.1% in Q4 of 2023, up from a one-year low of 31.9% in the prior period, as the number of unemployed persons increased by 46 thousand to 7.9 million. Meanwhile, employment fell by 22 thousand to 16.7 million, after rising by eight straight quarters, and the labor force rose by 25 thousand to 24.6 million. Job losses were recorded primarily in community & social services (-171 thousand), followed by construction (-36 thousand), agriculture (-35 thousand), trade (-28 thousand) and manufacturing (-1 thousand). On the other hand, more jobs were added in finance (+128 thousand), transport (+57 thousand) and mining (+37 thousand). The expanded definition of unemployment, which includes those discouraged from seeking work, was 41.1% in Q4, down marginally from 41.2% in Q3. The youth unemployment rate in South Africa, measuring job-seekers between 15 and 24 years old, picked up to 59.4% in Q4, from an over one-year low of 58% in the third quarter.