The number of people employed in South Africa has exceeded pre-Covid-19 levels, reaching its highest point since 2019, according to data from the statistics agency.
This positive trend in employment is a significant milestone in the ongoing recovery of the labour market from the impact of the pandemic. The official unemployment rate has also decreased slightly from the second quarter, although it remains one of the highest in the world at 31.9%.
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Statistics South Africa (Stats SA) reported that the third quarter of this year marked the eighth consecutive increase in employment. This growth is particularly notable in the finance, community and social services, and agriculture industries.
However, sectors such as mining and manufacturing have experienced a decline in employment over the past decade, and this trend continued in the third quarter. Manufacturing saw a loss of 50,000 jobs, while mining reported a decrease of 35,000 jobs.
The total number of employed individuals in South Africa now stands at 16.7 million, surpassing the pre-Covid levels for the first time. This positive development reflects the resilience and recovery of the labour market, despite the challenges posed by the pandemic.
While the decrease in the number of unemployed people is encouraging, with 7.849 million individuals unemployed in the third quarter compared to 7.921 million in June, the overall unemployment rate remains a pressing issue.
Under the expanded definition of unemployment, which includes individuals who have given up seeking work, 41.2% of the labour force was jobless in the July-September period, compared to 42.1% in April-June.
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The upcoming national elections in South Africa next year will undoubtedly focus on high levels of unemployment and weak economic growth, which have long been significant concerns for voters.
The ruling African National Congress (ANC) party, facing the possibility of entering into a national coalition government for the first time since the end of apartheid in 1994, will need to address these issues to regain public trust.
Following the release of the unemployment figures, Cosatu, the largest trade union federation in the country and an alliance partner of the ANC, emphasized the urgent need for the government to take swift action to overcome the obstacles hindering economic growth.
It is clear that addressing unemployment and fostering economic development will be crucial for the future of South Africa and its political landscape.
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In conclusion, the third quarter of this year has seen a significant milestone in the South African labour market, with employment surpassing pre-Covid levels for the first time since 2019.
While there is still much work to be done to tackle high levels of unemployment, the ongoing recovery and growth in certain industries provide hope for a brighter future. The upcoming national elections will undoubtedly bring these pressing issues to the forefront, requiring proactive measures to address them and foster economic growth.
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