SA economy: the good, the bad and the ugly
Despite a swift jobs rebound after SA’s strict lockdown, permanent economic scarring due to Covid-19 in an already fragile economy will likely cause unemployment to keep rising, even as the pandemic fades
The good news is that between July and September, the SA economy added back 500,000 jobs lost in the second quarter during the harshest part of the lockdown — a recovery rate of about one in four.
This leaves SA’s net loss of jobs at about 1.7-million, down from 2.2-million in the first quarter, according to Stats SA’s most recent Quarterly Labour Force Survey (QLFS). It means that after the havoc wrought by the pandemic, SA’s official (narrow) unemployment rate is now 30.8% compared with 30.1% in the first quarter, slightly better than many forecasts...