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SA unemployment rate rises to 27,5%

Unemployment
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Stats SA says the unemployment rate increased slightly in the third quarter of 2018 to 27, 5%. This is up from the second quarter’s 27, 2%.

The increase in the unemployment rate was as a result of declining employment in Agriculture, Mining and Manufacturing among others.

South Africa has one of the highest unemployment rates in the world and President Cyril Ramaphosa launched a number of initiatives including the recent jobs and investment summits to address the issue.

The country needs a growth rate of at least 5% to make an impact in the rate of unemployment.

The report shows that close to a third (29,3%) of all people employed in Q3:2018 were employed in elementary and domestic work occupations.

Analysts have warned of a further rise in unemployment in the country. The rise in unemployment comes as a result of declining employment in the formal sector and private households.

Sectors contributing to increased unemployment include agriculture, mining and manufacturing. The reported rise in unemployment figure in the third quarter comes after government’s job and investment summits which were held in effort to boost economic growth and create jobs.

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