South Africa's Unemployment Rate Declines to 31.9%

South Africa's unemployment rate has slightly decreased to 31.9% in the fourth quarter of 2024, down from 32.1% in the previous quarter, marking the lowest rate since the third quarter of 2023. This reduction is attributed to an increase of 132,000 jobs, bringing the total number of employed individuals to 17.1 million, while the unemployed population fell to approximately 8 million. Notably, job gains occurred in finance, manufacturing, private households, and transport, while losses were observed in community services, trade, and construction. Despite these improvements, around 10.3 million young people aged 15 to 24 were still not engaged in employment, education, or training. President Cyril Ramaphosa emphasized the government's commitment to creating jobs, particularly for the youth, through initiatives like the Presidential Employment Stimulus Programme. The expanded unemployment rate, which includes discouraged job seekers, remained at 41.9%.