South Africa Unemployment Rate

South Africa's unemployment rate fell to 32.1% in Q3 of 2024, down from a two-year high of 33.5%% in the prior period, marking the first decrease since Q3 2023. The number of unemployed individuals dropped by 354 thousand, reaching 8 million, the lowest figure in almost a year, while the labor force declined by 79 thousand to 24.9 million. Discouraged work-seekers increased by 160 thousand and the number of persons who were not economically active for reasons other than discouragement increased by 54 thousand. On the other hand, employment increased by 294 thousand to an all-time high of 16.9 million. Job gains were concentrated in community and social services (+194 thousand), construction (+176 thousand), and trade (+109 thousand), while the finance sector saw the largest decline (-189 thousand). The expanded definition of unemployment, which includes those discouraged from seeking work, was 41.9% in Q3, compared to 42.6% in the previous three-month period.