What economists say about SA’s shock jobless data
Private households shed 30,000 jobs, the most of any sector, in the quarter
SA’s inability to absorb its growing labour force has resulted in the worsening of the unemployment rate, with the expanded rate rising to its worst level in a decade. The unemployment rate rose to 27.5% in the third quarter from 27.2% in the previous quarter this year. Expanded unemployment, which includes people who have stopped seeking work, rose 0.1 of a percentage point to 37.3%. This is the worst level since the survey commenced in January 2008. Elize Kruger, an economist at NKC African Economics, said the unemployment remains high by historical and global standards. The International Labour Organisation (ILO) report, World Employment and Social Outlook 2018, forecasts the global jobless rate to ease to 5.5% this year from 5.6% in 2017, ending three years of rises in unemployment. In the quarterly labour force survey for the third quarter published on Tuesday, Stats SA said seven out of 10 sectors reported job losses as tepid economic growth suppressed job creation. The highes...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.