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s Business Climate Index
was below the 2025 Q4 level on average. Unemployment stayed at its record low
of 2.1% SA in January 2026.
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10.04.2026
s Business Climate Index was below the 2025 Q4 level on average. Unemployment stayed at its record low of 2.1% SA in January 2026.
5.6 7.0 5.4 6.1 5.0 6.7
Unemployment % SA Jan26 2.1 1.5 2.0 1.5 3.9
5.8 8.0 3.4 3.3 4.8
income Q3
Unemployment % SA Nov25 2.2 1.5 1.9 1.5 4.0
severely impaired, equity prices have fallen 40 % from
their 2007 peaks, and unemployment is rising.
- Historical FOMC reaction patterns (1990-91, 2001) show that when growth
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26.03.2026
domestic-focused industries posted growth: they continued to grow and hire new staff. Unemployment is at an all-time low.
Had we seen a precipitous fall in
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24.03.2026
monetary conditions that could result in a recession and a surge in unemployment. Balanced and sustainable growth requires balanced monetary policy. There is no other
to a rise in the workforce shortage (Figure
19). That said, the unemployment rate ceased to decline (Figure 18), with surveys
3 The production cycle
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20.03.2026
accurately.
Developments in the labour market are consistent with the earlier trends. Unemployment stays at its record lows. Nevertheless, surveys show that staff shortages have
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20.03.2026
planning more moderate wage indexations in 2026 compared to 2023–2025. Meanwhile, unemployment remains at historical lows, and wage growth is still outpacing the growth