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New unemployment rate record (34.9%) but 'we haven't seen the worst yet'

30 November 2021 8:24 PM
Tags:
Unemployment
The Money Show
Stats SA
Jobs
Statistics South Africa
Quarterly Labour Force Survey
joblessness
unemployment rate
Isaah Mhlanga
Bruce Whifield

The Money Show's Bruce Whitfield interviews Isaah Mhlanga, Chief Economist at Alexander Forbes.
© petertt/123rf.com

The unemployment rate announced for the third quarter of 2021 showed a further increase, Statistics South Africa announced today.

The jobless rate went from 34.4% in Q2 to 34.9% according to the Quarterly Labour Force Survey.

RELATED: Unemployment rate rises to 34.9% - worst since 2008

It's the worst unemployment rate on record since 2008.

Bruce Whitfield goes over the numbers with Isaah Mhlanga, Chief Economist at Alexander Forbes.

Mhlanga notes that in terms of the expanded definition, the unemployment rate in South Africa now stands at nearly 47%.

Even if you look at the official unemployment rate - nearly 35% - it's really a serious crisis. In other countries they do go into a revolution with unemployment rates of 15%.

Isaah Mhlanga, Chief Economist - Alexander Forbes

I think we haven't seen the worst yet. We're now seeing some of the impacts of the July riots coming through in those third quarter numbers

Isaah Mhlanga, Chief Economist - Alexander Forbes

Mhlanga notes that almost all the sectors bar one, shed jobs in Q3.

Financial services is the only one that added 138,000 jobs... 571,000 jobs lost in the formal sector where you expect employment to be much more secure... The informal sector has created about 9,000 jobs, too little to do anything that is visible...

Isaah Mhlanga, Chief Economist - Alexander Forbes

We're not seeing enough being done by the powers that be in the policy space...

Isaah Mhlanga, Chief Economist - Alexander Forbes

Mhlanga notes that without investment from the private sector and, importantly without security of energy, the jobs situation is not going to improve.

Listen to his analysis on The Money Show:




30 November 2021 8:24 PM
Tags:
Unemployment
The Money Show
Stats SA
Jobs
Statistics South Africa
Quarterly Labour Force Survey
joblessness
unemployment rate
Isaah Mhlanga
Bruce Whifield

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