Fourth quarter Quarterly Labour Force Survey (QLFS) reveals a marginal decrease in unemployment and a slight increase in employment. While the overall picture shows positive signs, youth unemployment remains a significant challenge.
More people were employed in the fourth quarter of 2024, signaling a positive trend in the labor market. Although the increase in employment was marginal, the Quarterly Labour Force Survey (QLFS) for the fourth quarter reveals a decrease in unemployment for the second consecutive quarter. While the official unemployment rate dipped by 0.2% to 17.1 million employed individuals, the expanded unemployment rate remained stagnant at 41.9%.
The survey attributes this slight improvement to a 132,000 rise in employed individuals and a 20,000 decline in unemployed individuals, resulting in a 0.4% increase in the labor force.However, the report also highlights persistent challenges within the labor market. Despite the overall increase in employment, discouraged work-seekers surged by 111,000, representing a 3.3% increase. This surge was partially offset by a 93,000 decrease (-0.7%) in individuals not economically active for reasons other than discouragement. The number of not economically active individuals climbed by 18,000 to 16.5 million.The QLFS delves deeper into the employment landscape, revealing sector-specific trends. The formal sector witnessed a 90,000 increase in employment, while the informal sector added 34,000 jobs. Finance (+232,000) and manufacturing (+41,000) experienced the most significant employment growth. Conversely, community and social services (-63,000), trade (-48,000), construction (-22,000), mining (-18,000), utilities (-17,000), and agriculture (-11,000) saw declines in employment. Geographically, the Western Cape (+62,000), KwaZulu-Natal (+52,000), and Gauteng (+45,000) led the way in job creation. Youth employment remains a persistent concern, despite a slight decrease in the youth unemployment rate from 45.5% in the third quarter to 44.6% in the fourth quarter of 2024
EMPLOYMENT UNEMPLOYMENT YOUTH UNEMPLOYMENT LABOR FORCE QUARTERLY LABOUR FORCE SURVEY
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