South Africa's unemployment rate in the third quarter fell for the first time since 2024

According to Statistics South Africa, the unemployment rate has decreased from 33.5% a quarter ago to 32.1% between July and September 2024-a reduction of 1.4 percentage points. This marked the first reduction in the unemployment figures in South Africa for 2024. 

From July to September this year, ratings speak of job growth of 294,000 or a rise in the 8 sectors monitored by the statistical agency to 16.9 million. Out of these, 6 showed job increases: community and social services, construction, trade, agriculture, mining, and utilities, while job losses occurred in the transportation, manufacturing, private households, and finance sectors. Jobs added by the construction industry have truly made an impact; month-on-month, construction added 176,000 jobs or 14.7%, making it second after the combined 10 industries in job numbers, and first in job gains' increase rates.

Since Eskom, the South African State Electricity Company, has gone without load-shedding since March 2024, industry insiders quote that this will uplift South Africa's economy.  The new South African government has been installed in June this year, stating unemployment prevention and boosting the economy as the first priorities, committing to huge investments meant for healing the country's devastated infrastructure.