Unemployment rate persists near 15-year high

South Africa’s jobless rate persisted near a 15-year high in the third quarter as the economy struggles to recover from a recession.

Unemployment rose to 27.5% from 27.2% in the three months through June, Statistics South Africa said in a report released on Tuesday in Johannesburg. The median of five economists’ estimates in a Bloomberg survey was 27.4%.

Africa’s most-industrialised economy hasn’t expanded by more than 2% annually since 2013 and has battled to create jobs. The nation may not be able to achieve a goal of reducing unemployment to 6% by 2030, President Cyril Ramaphosa said at a summit about job creation last month. A report from the country’s National Planning Commission showed reducing unemployment to 21% by 2030 would require economic growth of about 3%, more than triple the forecast for this year.

Ramaphosa told delegates at an investment summit last week his cabinet will prioritize creating jobs and reviving the economy.

Private households shed the most jobs in the quarter, employing 30 000 less people. Mining recorded 29 000 job losses.

The number of people employed rose to 16.4 million, while those without jobs rose 127 000 to 6.2 million.

Here are some highlights from the statement:

Finance added 102 000 jobs, the most of all industries Construction added 27 000 jobs The trade industry added 86 000 more jobs Manufacturing lost 25 000 jobs.