Unemployment rate worsens to 33.5% in the Second Quarter

2-minute read
15 August 2024 | 15:28 CAT

The unemployment rate increased to 33.5% in the second quarter of 2024. File photo Image: Gallo Images

According to Stats SA’s Quarterly Labour Force Survey, the unemployment rate increased by 0.6 percentage points from 32.9% in Q1 2024 to 33.5% in Q2 2024.

More worryingly, the expanded unemployment rate in Q2 of 2024 increased by 0.7 percentage points to 42.6%.

Stats SA reported a 92,000 decrease in employed persons to 16.7 million in Q2 2024, a significant drop further exacerbating the unemployment crisis.

The youth continue to battle high unemployment levels.

Youth aged 15-24 and 25-34 continue to have the highest unemployment rates, at 60.8% and 41.7%, respectively.

According to Director and Chief Economist at Efficient Group Dawie Roodt, the root cause of this crisis is the stagnation in economic growth.

“The South African Economy is just not growing and as long as the economy is not growing fast enough, I’m afraid it will not be able to absorb all the new entrance into the labour market and will certainly not reduce the current levels of unemployment in the country,” Roodt explains.

Roodt underscores the need for a swift turnaround. The persistently high unemployment figures signal an economy struggling to keep pace with its growing population, which is a significant deterrent to investment.

Listen to the full interview on Your World Today with Mufti Yusuf Moosagie, Director and Chief Economist at Efficient Group Dawie Roodt, here.

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