Fourth Quarter Statistics Released Tuesday According to South Africa’s Quarterly Labor Force Survey, the unemployment rate increased by 1.7 million to 32.5%. This is the highest unemployment rate in 12 years.
Economists Latest unemployment rate It’s shocking. According to Stats SA, there are currently 7.2 million people who are not working in the country.
South Africa was already in a recession when the coronavirus broke out early last year, and the pandemic made things worse.
Most of the work I lost was in the informal sector.
Industry experts say that more worrisome is the increase in discouraged job seekers. The numbers also show that the number of discouraged job seekers increased by 235,000 over the same period.
Experts warn that unemployment is expected to worsen.
“Everyone is shocked by the very high unemployment rate. Obviously, the South African economy is experiencing a serious and serious recession. It’s the worst ever and it’s high in this situation. Unemployment is unavoidable and is likely to rise further in the coming months or years, in fact. But in the short term, due to data volatility, I don’t think you should read this too much, “said economist Dawie Roodt.
“The unemployment rate has risen sharply to around 10% and has fallen by 1.4 million in 2020,” said Dr. Azar Jammine, Chief Economist at Econometrix.
Statistician General Risenga Maluleke states that more and more people are actively looking for jobs.
According to the Quarterly Labor Force Survey, the number of employees increased by 333,000 to 15 million in the fourth quarter, while the number of unemployed increased by 700,000 to 7.2 million.
“We are also seeing more people looking for a job-it’s more worrisome-and we’re seeing a significant increase in discouraged job seekers, so overall, ours Unemployment is rising, and perhaps at this point it’s very difficult to understand how to reduce these unemployment rates in the short term, “said Mike’s labor analyst. Shusler.
Economists say there is a correlation between unemployment and education levels.
The unemployment rate for those who are not eligible for admission is close to 60%. -Additional report by Naledi Matlapeng
Labor experts worried about an increase in discouraged job seekers-SABC News
Source link Labor experts worried about an increase in discouraged job seekers-SABC News