Although South Africa’s unemployment rate decreased in Q3 2022, there are still provinces with a rate of more than 50%, and the reality of the situation remains bleak.
South Africa’s unemployment rate trended downwards in the third quarter of 2022 despite the inflated cost of living, rising interest rates and fuel prices, and worsening load shedding.
The data shows that the number of employed persons decreased in three provinces between Q2 2022 and Q3 2022 – with the exceptions being Gauteng, Western Cape, Kwa-Zulu Natal, Mpumalanga, and the Eastern and Northern Capes. According to PSG Wealth, while Manufacturing and trade saw the biggest jumps in employment during Q3 2022, the overall decrease of 1% in the unemployment rate could be a result of a lag in the data, which represents the workers who returned to the labour market after the pandemic as vaccinationThe QLFS showed that the steepest losses in jobs were experienced in finance , private households , and mining and agriculture .
Nedbank also said that the outlook for the job market remains uncertain, given the prevailing headwinds. Locally, adverse labour market conditions, including frequent labour strikes, high wage demands, high inputs costs and power shortages, continue to discourage private sector investment, constraining job creation.
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