South Africa Jobless Rate Rises Before Iran War Fallout Hits

South Africa’s unemployment rate rose more than expected in the first quarter as job losses in sectors including construction and community services weakened the labor market, even as the full impact of the Iran war is yet to filter through.

The rate rose to 32.7% in the three months through March from 31.4% in the prior quarter, according to data released by Statistics South Africa in Pretoria on Tuesday. The median estimate of three economists in a Bloomberg survey was 31.7%.