Unemployment drops for the second time in a row
This after the number of unemployed people dropped by 1 percentage point for the first time since the first quarter of 2021. This brings the overall number of those unemployed to 7.7 million, according to figures released by Stats SA on Tuesday. “Despite the fact that we’ve seen many economic challenges, including the ongoing load shedding that has hampered the economy, we’ve still seen job creation in the last quarter.
There is still a long way to go. One needs to bear in mind that the level of employment creation that we have seen thus far is still insufficient to get to where we were pre-Covid. The biggest job gains were it the formal sector, with 235 000 jobs created there, while sectors that saw the largest increases in employment were in manufacturing, which witnessed a recovery following the KwaZulu-Natal floods in April this year. The trade, construction and transport sectors also noted positive growth rates in the third quarter.
Economists said these numbers demonstrated the economy was not collapsing and had some resilience, even in the face of load shedding and depressed business confidence.
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