Stats SA says unemployment has risen to 27.5% in the third quarter
The country was met with bad news on Tuesday when Stats SA released a statement saying that the unemployment rate in the country has risen to 27.5%. This is a 0.3 of a percentage point increase since the last quarter.
Stats SA has explained this, stating that 6.2 million South Africans of working age are unemployed, 15.4 million are not economically active and only 16.4 million are employed. The labour force participation rate, however, has increased by 0.4 of a percentage. This is the proportion of working age South Africans who are either employed or unemployed.
South Africa has 38 million people of working age. 16,4m are employed, 6,2m #unemployed and 15,4m not economically active #StatsSA https://t.co/cUVPXbdCr6 pic.twitter.com/ez8Akq3f8N
— Stats SA (@StatsSA) October 30, 2018
“The unemployment rate for those aged 25-34 is 52.8%, double that of those aged 45-54 years. The youth unemployment rate is higher than other age groups irrespective of education level,” the agency said.
The #unemployment rate for those aged 25-34 is 52,8%, double that of the 45-54 year olds. #Youth unemployment rate is higher than other age groups irrespective of education level #StatsSA https://t.co/cUVPXbdCr6 pic.twitter.com/ABjZJclB17
— Stats SA (@StatsSA) October 30, 2018
South Africans took to Twitter to express their concern over the unemployment rate
SA’s expanded unemployment rate (includes folks who have been discouraged to continue looking for a job) as of third quarter of 37.3% is the highest in a decade: Business Day. The official jobless rate is now 27.5% while youth jobless rate eased to 52.8% from 53.7%.
Time bomb— Sure Kamhunga (@sure_kamhunga) October 31, 2018
Increase in the unemployment rates YET more expectations on the dispossable income, tax, petrol hikes and this transport cost, etolls, black tax. Just to mention a few. SA has become an expensive place to live. Its impossible to live here, siye phi mhlawumbi???
— Mihlali Gqada (@Mihlali_Gqada) October 31, 2018
This is the second consecutive quarter-on-quarter increase in unemployment and comes just as President Cyril Ramaphosa is campaigning to increase employment rates while the government faces fiscal constraints.
Over the weekend, President Ramaphosa stated that investment should reduce unemployment rates in Soweto. This was after the president participated in a walk about in the area. President Ramaphosa thanked investors saying, “We applaud the companies and everyone who participated who have lifted the mood and, in time, will lift the employment levels and the economy of our country.” President Ramaphosa hosted the Investment Summit earlier last week where South Africa received R290 billion in actual investments and R400 billion in pledges.
With mass job shedding taking place, the picture is starting to look very grim for the people of South Africa. The pressure is on the president as citizens have started to expect results now that Ramaphoria has died down.
