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