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Unemployment rate (27.2%) doesn’t include 4 million who've given up finding work

31 July 2018 6:27 PM
Tags:
Unemployment
Employment
Labour
Mike Schussler
Mamokgethi Molopyane
economist
unemployment rate
analyst

The Money Show’s Brice Whitfield interviews Economist Mike Schüssler and Mining and Labour Analyst Mamokgethi Molopyane.
pixabay.com (2018)

I remember the promise that we were going to halve unemployment… by 2014…

Mike Schüssler

It’s a crisis… We’re cautious of the stimulus package… The numbers are beyond worrying…

Mamokgethi Molopyane

South Africa’s unemployment rate rose to 27.2% in the second quarter of 2018, according to Statistics South Africa.

The rate of unemployment in Africa’s most developed economy was 26.7% in the first three months of the year.

Unemployment rates in the Eastern Cape, Northern Cape, KwaZulu-Natal and North West are higher than their employment rates.

There are now 6.1 million South Africans without jobs.

When including discouraged job seekers, the unemployment rate comes in at 37.2% or almost 10 million people.

The Money Show’s Bruce Whitfield interviewed Economist Mike Schüssler and Mining and Labour Analyst Mamokgethi Molopyane.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Four out of 10 adults are in work… Only a third of adults are in the formal sector…

Mike Schüssler

The dependency ratio in South Africa is very, very high… Something like the NHI is not realistic at the moment… We need to first have more people working…

Mike Schüssler

American unemployment numbers… they have about 8 million unemployed…

Mike Schüssler

We’ve got a mixture of both [skills problem and a policy problem]... We are sitting with high unemployment and a low-skilled workforce…

Mamokgethi Molopyane

It’s only a matter of time before that spark is lit… for a country with a young population, we don’t have a plan of how we’re going to skill our youth… The urgency in addressing youth unemployment… deserve urgent attention, on its own…

Mamokgethi Molopyane

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31 July 2018 6:27 PM
Tags:
Unemployment
Employment
Labour
Mike Schussler
Mamokgethi Molopyane
economist
unemployment rate
analyst

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