6.2 million South Africans are actively looking for a job but can’t find one

pixabay.com (2018)

It’s right to be sceptical. We’ve seen some good speeches… but we don’t implement anything…

Kevin Lings, Chief Economist - Stanlib Asset Management

The rate of unemployment in South Africa rose to 27.6% at the end of the first quarter (Q1) of the year.

It’s the worst figure since Q3/2017, a nearly 15-year high.

About 237 000 fewer people had jobs in Q1/2019 compared to Q4/2018.

There are now 6.2 million South Africans who are actively looking for a job but can’t find one.

The Money Show’s Bruce Whitfield interviewed Kevin Lings, Chief Economist at Stanlib Asset Management.

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

Every single metric… looks as if its under pressure. There’s a broad-based weakening in the labour market…

Kevin Lings, Chief Economist - Stanlib Asset Management

If you add discouraged workers… the youth unemployment rate jumps to 69%... What happens to a country when 70% of your youth is unemployed?

Kevin Lings, Chief Economist - Stanlib Asset Management

It’s been systematically getting worse and worse… There are way more people receiving a social grant each month than are working… It’s the single biggest risk facing this country…

Kevin Lings, Chief Economist - Stanlib Asset Management

It works if business confidence is high. In the last nine years, we’ve destroyed confidence…

Kevin Lings, Chief Economist - Stanlib Asset Management

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