Maroc - dailynews.co.za - Business - 13/Aug 10:47

Unemployment rate higher in second quarter

The unemployment rate in South Africa has increased to 33.5% in the second quarter (Q2) of 2024. The rate was 32.9% in the first quarter of the year (Q1). This was according to Statistics South Africa (StatsSA), who said that the rate changed by 0.6 percentage points between the two quarters. In a statement, StatsSA said, “The official unemployment rate was 33,5% in the second quarter of 2024. According to QLFS results, there was a decrease of 92 000 in the number of employed persons to 16,7 million in Q2:2024, while there was an increase of 158 000 in the number of unemployed to 8,4 million compared to Q1:2024.”In comparison to Q1 of 2024, the expanded unemployment rate in Q2 of 2024 increased by 0,7 of a percentage point to 42,6%. “This resulted in an increase of 66 000 (up by 0,3%) in the labour force in the same period. Discouraged work-seekers increased by 147 000 (up by 4,8%), while the number of persons who were not economically active for reasons other than discouragement decreased by 75 000 (down by 0,6%) between the two quarters,” StatsSA said. This led to an increase of 72 000 in the number of the not economically active persons to 16,3 million in the second quarter of 2024The above changes in employment and unemployment resulted in the official unemployment rate increasing by 0,6 of a percentage point from 32,9% in the first quarter of 2024 to 33,5% in the second quarter of 2024. Formal sector employment decreased by 77 000 in Q2:2024, while informal sector employment increased by 48 000 over the same period. In Q2:2024 employment decreases were in the Trade (111 000), Agriculture (45 000), Private households (18000), Construction (11 000) and Finance (9 000) industries. Increases in employment were mainly recorded in Manufacturing (49 000), Community and social services (36 000) and Utilities (9 000). The results also indicate that the largest decreases in employment were observed in Western Cape (65 000), Mpumalanga (50 000) and KwaZulu-Natal (49 000), while the largest increases were observed in Gauteng (42 000), Limpopo (31 000) and Eastern Cape (25 000) provinces. Comparisons between the first quarter of 2024 and second quarter of 2024 results show that the total number of unemployed women increased by 93 000 to 4,1 million while the number of employed women decreased by 28 000 to 7,4 million. This resulted in the women’s unemployment rate increasing from 35,2% in first quarter of 2024 to 35,8% in the second quarter of 2024.BUSINESS REPORT