The Quarterly Labour Force Survey (QLFS) for the second quarter (Q2) of 2024 noted that South Africa's official unemployment rate has increased from 32.9% in the first quarter (Q1) of 2024 to 33.5% in Q2.
While looking at the period from January to March of 2024, Statistics South Africa (StatsSA) noted that there were 8.2 million unemployed South Africans. This number has risen to 8.3 million in the period from April to June 2024.
The household-based sample survey is conducted by StatsSA and collects data on the labour market activities of individuals aged 15 years and older who live in South Africa.
The data showed that unemployment in SA is at its highest rate since 2022.
The survey found that the working-age population increased by 137,000 or 0,3% in Q2 of 2024 compared with Q1.
The number of employed persons decreased by 92,000 to 16.7 million in Q2, while the number of unemployed persons increased by 158,000 to 8.4 million compared with Q, resulting in an increase of 66,000 (up by 0,3%) in the labour force.
What does this mean?
Stats SA noted that 3.6 million South African or 35.2% out of 10.3 million young people aged 15 to 24 years were not in employment, in education or in training.
The number of employed persons decreased in five provinces between Q1 and Q2 in 2024.
Employment losses were recorded in:
Western Cape - 65,000
Mpumalanga - 50,000
KwaZulu-Natal - 49,000
Northern Cape - 17,000
North West - 12,000
Employment increases were recorded in:
Gauteng - 42,000
Limpopo - 31,000
Eastern Cape - 25,000
Free State - 3,000
Industries hit by unemployment
The data showed that the number of employed persons decreased in five of the 10 industries.
“The largest decreases in employment were recorded in Trade (111,000), followed by Agriculture (45,000), Private households (18,000) and Construction (11,000),” according to StatsSA.
“Increases in employment were recorded in Manufacturing (49,000), Community and social services (36,000), Utilities (9,000), Transport (3,000) and Mining (2,000) industries.”
Impact on the rand
The rand remained relatively stable on Tuesday after the employment data was released.
The rand was trading at around R18.16 against the dollar, R19.84 against the euro and R23.22 to the pound at 1.25pm.
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