Statistics South Africa (Stats SA) has confirmed that South Africa's official unemployment rate increased by 0.9 of a percentage point to 33.6% for the second quarter, compared with 32.7% in the first quarter of this year. Stats SA's Quarterly Labour Force Survey shows that the number of unemployed persons increased by 345 000 quarter-on-quarter to 8.5-million, while the number of employed persons decreased by 16 000 quarter-on-quarter to 16.7-million. This resulted in an increase of 329 000 in the labour force during the same period.

Geopolitical tensions and oil shocks deepen strain on key industries

As unemployment soars to 33.6%, 345,000 South Africans face job losses, raising concerns about the country's economic stability.