2014 unemployment rate down

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Published Feb 10, 2015

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Pretoria - South Africa's official unemployment rate for the fourth quarter of 2014 dropped 1.1 percentage point to 24.3 percent, StatisticsSA said on Tuesday.

"On a quarter-to-quarter basis there has been a decline in the levels of people who are unemployed," deputy director general for population and social statistics, Kefiloe Masiteng, told reporters in Pretoria.

A total of 242,000 people found work in the fourth quarter last year. A total of 4.9m people were officially unemployed.

The official unemployment rate is made up of those who are jobless, but actively looking for work.

The expanded unemployment rate, which includes people who have given up looking for a job, was 34.6 percent, or 8.1m people.

 

For years, South Africa has struggled with high unemployment, sluggish growth and rising prices, with little end in sight.

Analysts suggest the labour market outlook will remain tight this year.

The "employment figures show some improvement, but unemployment remains exceptionally high and there is unlikely to be significant improvement in the year ahead," said Nedbank in a note to clients.

While most African economies grow apace, the continent's most developed economy is lagging at around two percent expansion.

Sapa, AFP

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