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BREAKING: South Africa's Unemployment Rate Falls to 31.9%

Third Quarter Survey Shows Positive Trend

Decrease in Unemployment Rate

The latest Quarterly Labour Force Survey (QLFS) has revealed that South Africa's official unemployment rate decreased by 0.7 of a percentage point to 31.9% in the third quarter of 2023. This marks a positive trend after the rate rose to 32.9% in the first quarter of the year.

The QLFS indicates that both absorption and labour force participation rates improved during the third quarter. The absorption rate, which measures the proportion of the working-age population that is employed, increased by 0.2 of a percentage point to 46.2%. The labour force participation rate, which indicates the proportion of the working-age population that is either employed or actively seeking employment, rose by 0.3 of a percentage point to 56.2%.

Additional Context: In the first quarter of 2023, South Africa's unemployment rate had risen to 32.9% from 32.7%. This increase was attributed to a decline in the absorption rate and a slight increase in the labour force participation rate. However, the latest survey shows a reversal of these trends, suggesting a potential improvement in the employment landscape.

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