South Africa

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.

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