US labour market still strong and SA’s Q3 2023 GDP declines

STANLIB Podcasts
11/12/2023 11 min
US labour market still strong and SA’s Q3 2023 GDP declines

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Episode Synopsis

A broad range of US labour market data released last week was compellingly strong, with the unemployment rate moving down to 3.7%. However, those sectors that are more sensitive to interest rates, e.g. retail, manufacturing and technology, are adding fewer jobs, showing the economy is slowing. In SA, Q3 GDP declined by 0.2% and the same binding constraints (load shedding and logistics constraints) are likely to persist into Q4 and Q1 2024, pushing the economy into technical recession.

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