SA's unemployment rate hits record 34.4%

The_Right_Honourable_Brit

The_Right_Honourable_Brit

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Unemployment has hit a record high of 34.4%, or 7.8 million jobless people.


Stats SA released the Quarterly Labour Force Survey for the second quarter on Tuesday. This is the highest unemployment rate recorded since the survey started in 2008.

The unemployment rate was previously 32.6%.

The expanded definition of unemployment - which accounts for those discouraged from seeking work - has increased 1.2 percentage points to 44.4%.
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www.news24.com

SA's unemployment rate hits record 34.4% | Business

This is the highest official unemployment rate recorded since the quarterly labour force survey started in 2008, according to Stats SA.
www.news24.com www.news24.com
 
So, now instead of saying 'a 3rd of SA is unemployed', we have to say 'just over a 3rd of SA is unemployed'....great...
 
As bad as this is, the state sees it as an opportunity to accelerate towards BIG and the NSSF.
 
dualmeister said:
Or just over 65% of South Africans have jobs :cautious:
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That is not how employment numbers work, not to mention these numbers are all shifted to the lowest possible downside as it is so the real number is much higher than 34.4%.

Going by their 34.4% it simply means that out of the roughly 30million (half the population) that is of working age, 34.4% of those have no formal income.

So then lets take 34.4% of 50% of the population and you get best case +/- 68.8% of the working age population is unemployed.

I would go so far to say we are probably closer to 80% unemployment if using true numbers against employable population but these employment numbers get fudged so hard ie. if you stopped actively looking for a job you are not considered unemployed, etc.

Warm and fuzzy feelings all around.
 
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