Unemployment at lowest rate in two years

South Africa’s unemployment rate fell to its lowest level in almost two years in the fourth quarter, an outcome that may be short-lived as record power cuts discourage investment and stifle economic growth.

The official jobless rate decreased to 32.7% in the three months through December from 32.9% in the previous quarter, Statistics South Africa said Tuesday. That was higher than the 32.6% predicted by six economists in a Bloomberg survey. 

The unemployment rate according to the expanded definition, which includes people who were available for work but not looking for a job, stood at 42.6%, compared with 43.1% in the September quarter.