South Africa's official unemployment rate fell to 32.1% in Q3 2024, down from 33.5% in Q2, according to the Quarterly Labor Force Survey. This was due to an increase of 294,000 employed individuals, bringing the total to 16.9 million.
While encouraging, the number of discouraged work-seekers rose by 160,000, and the expanded unemployment rate (including these individuals) decreased to 41.9%. This indicates a complex picture of the labor market, where some find employment while others become discouraged.
Employment rose in both formal and informal sectors, with 122,000 and 165,000 new jobs, respectively. Community, construction, and trade sectors saw significant growth, while finance, private households, manufacturing, and transport experienced job losses. Eastern Cape, Western Cape, North West, and Mpumalanga led in job gains, while Gauteng saw a 66,000 decrease and Kwa-Zulu Natal a small decline.
Despite positive labor market trends, youth unemployment remains high. While the number of unemployed youth decreased by 171,000, that of employed youth increased by 66,000, the youth unemployment rate still dropped only slightly, from 46.6% to 45.5%. This shows that young people aged 15-34 remain particularly vulnerable in the job market.