Unemployment rate expected to remain high in fourth quarter
Unemployment is expected to remain elevated in the fourth quarter as the economy battles low growth exacerbated by load shedding. The official unemployment rate currently stands at 32.9%.
Economists expected the unemployment to come out at about 32.8% when StatsSA releases the fourth quarter data on Tuesday.
The weak growth in the local economy means low job creation prospects. With the expectation that growth will be below 1% this year, because of the intense power cuts, employment prospects are bleak.
The youth is the most impacted by joblessness.
In the third quarter, unemployment amongst young people aged between 15 and 34 stood at 44%.
Economist Miyelani Mkhabela says while employment may have been boosted by the seasonal employment in the quarter because of the festive season, challenges remain.
South Africa’s unemployment rate falls to 32.9% in 3Q:
Source: SABC News (sabcnews.com)