Members of the SA Reserve Bank’s monetary policy committee may well be relieved that their last meeting came before the release of SA’s disastrous unemployment report.

They may have faced a different set of questions about their priorities if they had raised interest rates at the back of a report that showed that close to 50% of the country’s adult population, inclusive of those who have stopped looking for work, were out of a job. The pace of Federal Reserve tapering, and whether inflation spikes are transitory or permanent would not have been top on anybody’s mind...

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