South Africa Jobless Rate Jumps to 33.6%, Highest in 4 Years
Updated
Updated · Bloomberg · Aug 11
South Africa Jobless Rate Jumps to 33.6%, Highest in 4 Years
3 articles · Updated · Bloomberg · Aug 11
Summary
33.6% unemployment in the three months through June marked South Africa’s second straight quarterly increase, up from 32.7% in Q1.
Statistics South Africa’s reading also topped the 32.6% median estimate in a Bloomberg survey of four economists, signaling a weaker labor market than expected.
The rise may reflect fallout from the Iran war, adding to pressure on an economy already facing higher oil prices and fragile investor sentiment.
Q1 had already shown sharp deterioration, with 345,000 jobs lost, underscoring how difficult a labor-market recovery remains even if employment edged up.