EDITORIAL: Economy offers sliver of hope
‘The upside is that at least over the year employment was in positive territory’
There is at least a chance that the economy could come out of recession in the second quarter, but there is no guarantee, and even a positive second-quarter number is unlikely to shoot out the lights. That is the indication from economic data over the past week that continue to paint a gloomy picture — though in some cases not quite as gloomy as before. The headline unemployment number from Statistics SA was as bad as before, at 27.7% in the second quarter. The youth unemployment rate has risen to a horrendous 56%, up from 54.3%. Only 12% of young people aged 15-24 are in the workforce and about a third are in neither work nor education — so the proverbial ticking time bomb. Employment declined in the second quarter 0.7% compared with that of the first quarter. Construction was the worst-hit sector, but others, such as agriculture and services, also experienced falling employment. The upside, if upside it is, is that at least over the year, employment was still in positive territory...
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