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South Africa’s unemployment rate hits record highs

Stats SA has announced the latest unemployment rate for the fourth quarter of 2020. This shows that South Africa’s unemployment rate has reached its highest level since the start of the Quarterly Labor Force Survey (QLFS).

QLFS results show that about one million people have moved out of the “economically inactive” segment of the population. This is broadly defined, but also includes people who lost their jobs during the Covid-19 blockade.

However, the division between those who have returned to employment and those who are currently classified as unemployed is heavily inclined to the latter.

In the fourth quarter of 2020, the number of employees increased by 333,000 to 15 million. Meanwhile, the number of unemployed increased by 701,000 compared to the third quarter of 2020 to 7.2 million.

Compared to the same period in 2019, there were 1.4 million unemployed people in the country.

The number of discouraged job seekers increased by 235,000 (8.7%), and the number of people who were not financially active for reasons other than disappointment decreased by 1.1 million (7.4%) in the second quarter, netting 890,000. It has decreased. In a population that is not economically active.

StatsSA reported that 140,000 new people joined the workforce during this period.

Third Quarter: 2020 and Fourth Quarter: Special tabulations were made to investigate movements between labor market status categories to better understand key labor market indicators between 2020. ..

During the two quarters, Stats SA observed that many people moved from the “other non-economically active” category to the “employment” and “unemployment” status (ie, the workforce).

The move was proportional to the unemployed rather than the employer, resulting in an official unemployment rate increase of 1.7 points to 32.5%. This is the best since the launch of QLFS in 2008.

The unemployment rate by the extended definition of unemployment fell 0.5 points in the fourth quarter compared to the third quarter to 42.6%.

Employment growth was seen in all industries except mining and finance.

In the fourth quarter of 2020, the formal sector (189,000) saw the largest increase in employment, followed by private households (76,000), the informal sector (65,000) and the agricultural sector (2,000).


read: Alexander Forbes reveals the reality of South Africa’s unemployment



South Africa’s unemployment rate hits record highs

Source link South Africa’s unemployment rate hits record highs

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