SA unemployment rate eases slightly

The official unemployment rate declined further to 32.7% in the fourth quarter of 2022, from 32.9% in the third, Statistics SA reported on Tuesday.

This was despite record levels of load shedding, which was implemented during more than 200 days in 2022. Unemployment hit a record high of 35.3% in the fourth quarter of 2021 amid the pandemic fallout.

The Quarterly Labour Force Survey (QLFS) showed that 169 000 jobs were gained between the third and fourth quarters of 2022.

The largest job gains were in the finance, private households, trade and transport sectors.

Job losses were, however, recorded in the community and social services, agriculture and construction sectors.

The expanded unemployment rate - which includes discouraged job seekers who have given up looking for work – fell to 42.6% from 43.1% in the third quarter.

Absa economists expected that the unemployment rate would fall to 32.6%, mostly thanks to the festive period seasonal effect.

However, the economists noted that unemployment is still substantially higher than its pre-pandemic level. Formal sector employment has recovered to pre-pandemic levels, but informal sector employment has not, Absa said.-Fin24