South Africa: Desperate Times As Unemployment Rate Hits 11-Year High
The economy keeps reaching new milestones under President Cyril Ramaphosa’s administration, but sadly not the kind to showcase to voters. Stats SA said on Tuesday 29 October that the unemployment rate inched up to 29.1% in Q3, an 11-year high.
During the third quarter of this year, South Africa’s sputtering economy failed to produce any meaningful job growth, with the unemployment rate climbing to 29.1% from 29% in the previous quarter. That is a record high, surpassing any previous quarter’s peak since the start of Statistics South Africa’s (StatsSA’s) Quarterly Labour Force Survey in 2008.
The expanded definition of unemployment, which includes those who have given up on fruitless efforts to find a job, was unchanged at 38.5%. That number is frankly a bit of a thumb suck and is almost certainly higher.
The bottom line is that there are still at least 6.7 million South Africans without a job and probably millions more.
“It’s desperate. Structural rigidities stand in the way of any meaningful growth and employment,” George Glynos, head of research and analytics at ETM Analytics, told Business Maverick.
A combination of poor government policies, which are deterring investment, and demographics are at play here. The economy…
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