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Data from FMP. Forecasts by Sigmanomics Forecast Engine.
South AfricaSouth Africa Unemployment Rate climbed to 33.6% in April 2026
FMPMonthlyReleased August 2026
South Africa Unemployment Rate climbed to 33.6% in April 2026, released August 2026, up 0.9% from March's 32.7% reading. The reading matched expectations. Year-over-year, the indicator is up 0.4%. Unemployment Rate is now the highest in 45 months.
Latest Release
33.6
Actual
33.1
Consensus
32.7
Previous
Median Absolute Error
±0.53 percentage points
across last 12 releases
Last Call
Aug 2026
Predicted: 33.1
Actual: 33.6
Error: -0.5
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| EUR/USD | ▼ Inverse | −0.68 | FOREX | Moves against | → View |
| S&P 500 | ▼ Inverse | −0.63 | INDEX | Moves against | → View |
| BTC/USD | ▲ Direct | +0.37 | CRYPTO | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Unemployment Rate (South Africa) was reported at 33.6% in August 2026. This beat the market consensus of 33.1% by 0.5%. The reading rose from the previous value of 32.7%. Trailing 12-month context per ETL data through August 2026. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 32.57%, down from the prior three at 32.67%. In August readings over the past 3 years, Unemployment Rate has averaged 33.43%.
THE MODEL'S TAKE
Historically, this indicator is negatively correlated with EUR/USD (Bearish EUR). A secondary relationship exists with S&P 500, negatively correlated (Bearish S&P 500). Over the last 12 releases, the Sigmacast model's median absolute error is 0.53%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Inflation Rate MoM (Sep 23) and Inflation Rate YoY (Sep 23).
Auto-generated from current model state · Refreshes on each release · Last update August 2026.
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Unemployment Rate - ZA
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About Unemployment Rate — South Africa
DEFINITION
The Unemployment Rate is a key economic indicator that measures the percentage of the total labor force that is currently without a job and actively seeking employment. It is used to assess the health of the job market and the overall state of the economy. A high unemployment rate can indicate a weak economy, while a low unemployment rate can suggest a strong and growing economy. This data is closely monitored by policymakers, businesses, and investors to make informed decisions and projections.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 33.6 %, consensus 33.1 %. Prior reading (Apr 2026): 33.6 %. Before that (Jan 2026): 32.7 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a similar reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with EUR/USD (Bearish EUR, r=-0.68) — a useful reference for forex-focused traders.
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Economic Calendar - ZA Events
| Wednesday, September 16, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 08:00 | ZA | Inflation Expectations | 4.2 | 4.4 | 4.40 | Low | |
| 11:00 | ZA | Retail Sales MoM | -0.6 | 0.7 | 1.65 | Low | |
| 11:00 | ZA | Retail Sales YoY | 1.6 | -3 | -2.70 | Low | |