Some easing in the unemployment rate is expected when Statistics South Africa releases the fourth quarter job numbers this morning.
The recently conducted Quarterly Labour Force Survey indicated a 0.7% decrease in the official unemployment rate, reaching 31.9% in the third quarter of 2023.
Both the formal and informal sectors experienced a rise in employment, with notable gains observed in the finance, agriculture, community, and social service industries.
Independent Economist Elise Kruger says, “The Labour Force Survey for quarter four will be released and I do believe we will see more job creation during that quarter. On the one hand, the economy picked up in quarter four, and it’s also the quarter in which we see quite an increase in seasonal workers given the festive period.”
Kruger adds, “I want to add that BankServ Africa’s data already confirmed that more salaries were paid in Q4 than the previous quarter. All in all, I do expect some positive news in the labour force survey and maybe a tweak down on our unemployment rate.”
The data, coupled with BankServ Africa’s findings on increased salaries in the fourth quarter, hints at potential positive developments in job creation and a potential downward adjustment in the unemployment rate. The official figures are awaited to provide a comprehensive overview of the labour market status for the mentioned period.
