Unemployment in SA at a record high 27%

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November 24, 2016
Unemployment in SA at a record high 27%

WORRIES: Unemployment in SA at 27.1 percent

The joblessness rate rose from 26.6 percent in the second quarter.

 South Africa’s unemployment rate is at a record high after rising to 27.1 percent in the third quarter of this year, the highest in 13 years.

Statistics SA released the Quarterly Labour Force Survey on Tuesday which shows that the joblessness rate rose from 26.6 percent in the second quarter.

Almost six million people were unemployed during this period which is an increase of 239 000 compared to the previous quarter.

“This marks the highest unemployment rate since the survey was introduced in 2008 and exceeds the average unemployment rate of 25 percent in the aftermath of the 2008/09 recession,” said Kamilla Kaplan, an economist at Investec.

South Africa has the highest jobless rate of more than 60 emerging and developed countries.

The manufacturing sector, followed by the government sector, registered the largest job losses of 91 000 and 83 000, respectively.

In February, the World Bank said the South African economy needed to expand at 7.2 percent a year from 2018 to achieve the government’s goal of reducing the joblessness rate to 6 percent by 2030.

Trade union federation Cosatu says: “We are not surprised by this report because we have long argued that the unemployment problem in South Africa will not be addressed if the flawed structure of the South African economy is left intact.”

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