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Unemployment rate remains at highest level since 2008

11 February 2020 7:17 PM
Tags:
Eskom
Economy
Unemployment
Jobs
Kevin Lings
stanlib

No work, no vacancies - and chances are that things will get worse before they get better.

SA's unemployment rate remains unchanged and extremely high - 29.1 per cent in the last quarter of 2019.

Youth unemployment is at 58,1%.

Siphamandla Mkhwanazi, Economist at FNB, paints the bigger picture.

A lot of South Africans have had to find an alternative employment source over the past few years . If you look at the numbers the informal sector has outsripped employment growth in the formal sector. But even there weakness is starting to filter through.

Siphamandla Mkhwanazi. Economist - FNB

Unemployment is not improving in the fourth quarter - 108-thousand- people lost their jobs between between 2018 quarter four and 2019 quarter four.

Siphamandla Mkhwanazi. Economist - FNB

The function of government is not necessarily to create jobs but to create an environment that is conducive for the private sector to create employment. We need to improve confidence and hopefully investment will follow suit. We just have to make bold decisions. It might have to include short-term pain in exchange for long-term gain in employment.

Siphamandla Mkhwanazi. Economist - FNB

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This article first appeared on 702 : Unemployment rate remains at highest level since 2008


11 February 2020 7:17 PM
Tags:
Eskom
Economy
Unemployment
Jobs
Kevin Lings
stanlib

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