Stats SA said there was an increase of over 1 million jobs in the first half of this year. The first quarter saw an increase of 370 000 jobs followed by an increase of 648 000 jobs in the three months to June
This has brought the country’s official unemployment rate to 33.9% in the second quarter of 2022 from 34.5% in the first quarter. The expanded unemployment rate is down to 44.1%.
FNB economist Thanda Sithole said: “The positive developments reflected in this second-quarter labour market data come as a surprise, given that the economy is broadly expected to have performed poorly in that quarter, underpinned by the KwaZulu-Natal flooding, intense load shedding and depressed business confidence.”
Economists said employment was still between 3% and 5% below pre-Covid-19 levels and had disproportionately affected low-skilled workers. Jammine said the Covid-19 pandemic could have presented an opportunity for businesses to get rid of undesirable workers. Production costs were actually in double digits, reflecting that these sectors were facing elevated costs.
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