Statistics South Africa released The unemployment rate in the third quarter rose from 34.4% in the second quarter to a record high of 34.9%.
This means that the number of unemployed is currently 7 64 3 000. Expanding the definition of unemployment, 46.6% of the workforce was unemployed in the third quarter.
— SABC News (@SABCNews) November 30, 2021
Drastic labor market reform
Labor analyst Andrew Levy said drastic labor market reforms are needed to increase employment.
“The various shocks we received would have made it difficult for us to recover from work. These shocks included the third wave of COVID-19 infection in South Africa and the turmoil in July. Therefore, we can’t expect a big improvement in this third quarter QLFS report. I think South Africa’s unemployment rate is likely to be around 35%, “says Andrew.
In the second quarter, both unemployed and discouraged job seekers increased, while the number of economically inactive people decreased by 380,000.
SA unemployment increased to 34.9% in the third quarter: Statistics SA-SABC News
Source link SA unemployment increased to 34.9% in the third quarter: Statistics SA-SABC News