Unemployment Slightly Lower but Still Unimpressive

SOUTH AFRICA - Report 25 Feb 2016 by Iraj Abedian

The quarterly labor force survey results released by Statistics South Africa show that unemployment declined by 1.0 percentage point during the last quarter of 2015, resulting in an unemployment rate of 24.5%. See Graph 1. This outcome is the result of the number of unemployed people declining by 225,000 over the quarter. Although still very high, today’s results of a lower unemployment rate come as a bit of a relief, given that the Minister of Finance has just recently downgraded the country’s growth outlook for 2015 to 0.9%.

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