By The Government of National Unity (GNU) is faced with a serious task of revitalising and growing the economy of South Africa, attract investment and get South Africa working; but for now, the economy remains weak and keeps on bleeding jobs almost every quarter.
The Statistician-General of South Africa Mr Risenga Maluleke painted a rather gloomy picture on Tuesday during his announcements on the Quarterly Labour Force Survey, whereby the report revealed that unemployment increased by 0.3% in the country in the second quarter of 2024.
The unemployment rate was officially at 33.5% in the second quarter, however, results show that the labour force decreased by 92 000 to 16.7 million in the second quarter; while there was an increase of 158 000 in the number of unemployed to 8,4 million compared to Q1:2024.
Maluleke said the increase in the past quarter resulted in an increase of 66 000, up by 0.3% in the labour force in the same period.
“Discouraged work-seekers increased by 147 000 (up by 4,8%), while the number of persons who were not economically active for reasons other than discouragement decreased by 75 000 (down by 0,6%) between the two quarters. This led to an increase of 72 000 in the number of the not economically active persons to 16,3 million in the second quarter of 2024.
The above changes in employment and unemployment resulted in the official unemployment rate increasing by 0,6 of a percentage point from 32,9% in the first quarter of 2024 to 33,5% in the second quarter of 2024. In comparison to Q1 of 2024, the expanded unemployment rate in Q2 of 2024 increased by 0,7 of a percentage point to 42,6%,” said Risenga Maluleke.
The economy of the country is not growing fast enough to create the much needed jobs, while economist were expecting a slight decrease in the unemployment rate, the results come as a blow and they speak to the slow pace of growth, affordability for the poor and unemployed and making it more challenging to deal with poverty.
