South Africa has received some uplifting news regarding its job market! The official unemployment rate has decreased to 32.1% in the third quarter of 2024, marking a positive change from 33.5% in the previous quarter. This is the first decline in a year, signaling a potential shift towards economic recovery.
Employment growth was recorded in six out of ten industries, with notable gains in the community and social services sector. This improvement is a step forward for many South Africans and offers hope for further progress in the coming months.
South Africa's recent decrease in the unemployment rate to 32.1% in Q3 2024 reflects positive employment trends across several provinces. Notably:
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Eastern Cape: Recorded the highest job gains with an increase of 83,000 employed individuals.
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Western Cape: Added 75,000 jobs, contributing to its status as the province with the lowest official unemployment rate at 22.2%.
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North West: Experienced an employment increase of 69,000, indicating significant economic activity.
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Mpumalanga: Saw a rise of 49,000 in employment, reflecting positive labor market developments.
These gains suggest a broader national trend towards economic recovery and job creation.
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