South Africa unemployment reaches all time high.
Consequently, the unemployment rate in South Africa rose to 27.5% in the third quarter of 2018 from 27.2 percent in the previous period. It was the highest jobless rate since the third quarter of 2017, as the number of unemployed increased by 127 thousand to 6.21 million.
However, in the meantime, the number of employed advanced by 92 thousand to 16.38 million. Unemployment Rate in South Africa averaged 25.60 percent from 2000 until 2018, reaching an all time high of 31.20 percent in the first quarter of 2003 and a record low of 21.50 percent in the fourth quarter of 2008.
South Africa, the unemployment rate measures the number of people actively looking for a job as a percentage of the labour force.
According to statistics from Trading Economics, The number of unemployed grew by 127 thousand to 6.21 million from 6.08 million in the second quarter of the year. Employment increased by 92 thousand to 16.38 million from 16.29 million in the prior period. Job losses were recorded in the formal sector (-65 thousand), private households (-30 thousand) and in agriculture (-1) while gains ocurred in the informal sector (+188 thousand).
The labour force went up by 219 thousand to 22.59 million from 22.37 million in the previous quarter while those detached from dropped by 66 thousand to 15.40 million from 15.46 million.
The expanded definition of unemployment, including people who have stopped looking for work, rose to 37.3 percent in the third quarter of 2018 from 37.2 percent in the second quarter.
The 27.5% unemployment rate is quite alarming, economist narrated.
The rising unemployment situation in South Africa is clearly a major issue for the government. The government noted that it is taking steps to address the issue.
Government, business, labour, and community organisations have been urged to advance job creation.
Also the Cooperative Governance and Traditional Affairs department said that the previous Jobs Summit will discuss a common approach and work on improving coordination among stakeholders.