South African labour market recovery stalls months before election

PRETORIA (Reuters) -South Africa’s unemployment rate rose in the fourth quarter of last year, bucking a trend where jobs tend to be added around the holiday season as a labour market recovery from the COVID-19 pandemic ground to a halt. Analysts said the rise in the official unemployment rate to 32.1% from 31.9% in the third quarter painted a dismal picture months before the country is due to hold national and provincial elections. The rand extended losses on the data in cautious trade before Wednesday’s 2024 budget. A presentation by the statistics agency showed community and social services, construction, agriculture and trade sectors contributed to the unemployment increase and that the fourth quarter followed eight consecutive quarters of job gains.…