By Dow Jones Business News, October 29, 2013, 06:11:00 AM EDT
By Patrick McGroarty
JOHANNESBURG--South Africa's unemployment rate fell unexpectedly in the third quarter, data showed Tuesday, although
tepid economic growth kept the rate near a long-time rate of about a quarter of the workforce.
South Africa's unemployment rate fell slightly to 24.7% between July and September, from 25.6% in the second quarter.
Economists had expected the rate to tick upward to 25.8% in the third quarter.
South Africa has battled a lackluster economy for several years, as global turmoil has run up against a wave of
debilitating strikes in the critical mining and manufacturing sectors. Finance Minister Pravin Gordhan said in his
update on the federal budget last week that the economy was set to grow 2.1% this year, down from 2.5% in 2012.
That is far below the annual rate of at least 5% that Mr. Gordhan and other officials have said would be necessary to
make a significant dent in the jobless rate.
Write to Patrick McGroarty at email@example.com
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