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Unemployment rate eased slightly to 32,7% in Q4 2022 from 32,9% in Q3

 

Unemployment rate eased slightly to 32,7% in Q4 2022 from 32,9% in Q3
28-02-23 / Tau kaVodloza

Unemployment rate eased slightly to 32,7% in Q4 2022 from 32,9% in Q3

Pretoria - Statistics South Africa has today released the results of the Quarterly Labour Force Survey (QLFS) for Q4: 2022. The results indicate that 169 000 jobs were gained between the third quarter of 2022 and the fourth quarter of 2022. The total number of persons employed was 15,9 million in the fourth quarter of 2022.

The number of unemployed persons increased by 28 000 to 7,8 million in the fourth quarter of 2022, while the number of people who were not economically active for reasons other than discouragement increased by 95 000 to 13,4 million and the discouraged work-seekers decreased by 151 000 in the fourth quarter of 2022 compared to the previous quarter resulting in a net decrease of 57 000 in the not economically active population.

The above changes in employment and unemployment resulted in the official unemployment rate decreasing by 0,2 of a percentage point from 32,9% in the third quarter of 2022 to 32,7% in the fourth quarter of 2022, Stats SA said, adding that the unemployment rate according to the expanded definition of unemployment also decreased by 0,5 of a percentage point to 42,6% in Q4:2022 compared to Q3:2022.

The following industries Finance (103 000), Private households (54 000), Trade (52 000) and Transport (43 000) recorded the largest job gains, while job losses were recorded in Community and Social Services (122 000), Agriculture (12 000) and Construction (12 000). The formal sector recorded an increase in employment of 143 000 and the Informal sector recorded a loss in employment of 15 000 between the third quarter and fourth quarter of 2022.

Sats SA said the fourth quarter of 2022 results continue to show that the youth (aged 15-34 years) remain vulnerable in the labour market with unemployment rate of 45,3% compared to 45,5% in Q3:2022. The total number of unemployed youth increased by 46 000 to 4,6 million in Q4:2022. There was an increase of 86 000 in the number of employed youth during the same period. The increase in employment and the decrease in unemployment among the youth resulted in a decrease in the youth unemployment rate by 0,2 of a percentage point, it concluded.  

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