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Unemployment figures show that we are in trouble

In 2024, South Africa is facing significant challenges related to unemployment. According to the Quarterly Labour Force Survey (QLFS) conducted by StatsSA, the official unemployment rate in the fourth quarter of 2023 was 32.1%

Here are some key points:

•             The number of employed persons decreased by 22,000 to 16.7 million in Q4 2023 compared to the previous quarter.

•             The number of unemployed persons increased by 46,000 to 7.9 million during the same quarter.

•             The  youth unemployment rate increased from 43.4% in Q3 2023 to 44.3% in Q4 2023.

•             Formal sector employment declined by 128,000

•             While informal sector employment increased by 124,000 during the same period.

Industries such as Community and social services, Construction, Agriculture, Trade, and Manufacturing contributed to the net employment decline –  while finance, transport, mining, and private households recorded the largest employment gains.

Additionally, the International Monetary Fund (IMF) has warned that unemployment in South Africa is expected to deteriorate further in 2024, with prospects looking bleak for the following year as well.

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