South Africa’s unemployment rate worsened to 27.2% in the second quarter of 2018.
Statistics South Africa (Stats SA) labour force quarterly figures reported shocking unemployment numbers as the official unemployment rate increased by 0.5% from 26.7% in the first quarter of 2018.
The manufacturing sector shed the most jobs with 105 000 people becoming unemployed.
President Cyril Ramaphosa has set a target of $100 billion to be injected into the economy to create jobs especially for the youth, but this is yet to yield results.
South Africa faces one of the highest unemployment rates compared to other emerging markets like India, Brazil, Turkey and Russia.
India’s unemployment rate is at 3.5%.
Unemployment went up in five provinces including the Free State and Gauteng but declined in KwaZulu-Natal, the Northern Cape, and Limpopo. Chief Economist at Econometrix, Azar Jammine looks at the figures:
Read Stats SA’s full Quartely Labour Force Survey report in the document below: