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Unemployment rate jumps to four-year high of 33.6%
['Ntando Thukwana', 'Aug', "S'Thembile Cele", 'Antony Sguazzin', 'Adriaan Kruger', 'Liesl Peyper', 'Antoinette Slabbert', 'Greg Dor']
Moneyweb
South Africa’s unemployment rate hit a four-year high in the second quarter, delivering a reminder of the nation’s need for faster economic growth amid geopolitical tension abroad and public anger back home.
The rate rose to 33.6% in the three months through June from 32.7% in the prior quarter, according to data released by Statistics South Africa in Pretoria on Tuesday.
The data captures the first full quarter read on employment since the Middle East conflict began on February 28.
ADVERTISEMENT CONTINUE READING BELOWThe Sarb forecasts growth this year of 1.4%, which is an upgrade from 2025 but still well below the pace of activity required to meaningfully reduce unemployment.
The reading presents a setback for South Africa’s fragile economy, which could face further restraint if the Sarb opts to tighten monetary policy again to keep price pressures contained.