The official unemployment rate in South Africa rose to 25.5% of the labour force in the third quarter of this year from 24.9% in the second quarter, a survey showed.
In its latest Quarterly Labour Force Survey, Stats SA said today the total number of unemployed people stood at 4.67 million in the three months up to September – the highest total since records started in 2008 – from 4.47 million in the second quarter.
The expanded definition of unemployment, which includes people who have stopped looking for work, increased to 36.3% from 36.2% previously.
The agency attributed the rise to job losses in domestic households and the mining sector, which has been under pressure from a wave of wildcat strikes.
Meganomics economist Colen Garrow said: “I’m not surprised that the number is higher and parts of the sectors in the economy are struggling.
“Mining and manufacturing are going to be shedding jobs even more as the economy slows down and the impact of the strike action takes effect.
“It’s amongst the highest unemployment rates globally and highlights quite strongly that we need to be taking some corrective action.”
Johannes Khosa, a Nedbank economist, said: “It’s worrying that the unemployment rate is rising again. It doesn’t paint a good picture for the months ahead in terms of consumer spending.”…
Choosen excerpts by JMM from
via Unemployment on the rise | City Press.
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Mine layoffs: 4.7m out of work
Absa Capital economist Ilke van Zyl said she expected unemployment to increase in the fourth quarter as the mining sector layoffs “come through in earnest”.
“We then expect some employment growth in 2013, which should bring the unemployment rate down slightly,” she said.
The 198 000 jobs added in the quarter were mainly driven by the informal and formal sectors. The finance and other business services sector added 74 000 jobs.
Manufacturing and transport sectors also added jobs in the third quarter, despite strike action in August and September.
Business Unity South Africa special policy adviser Raymond Parsons said on Thursday that, while worrying, the increase in unemployment was not unexpected given the weakening domestic and international economic conditions.
“It is a reminder that the single biggest challenge facing South Africa is still to create more jobs, especially for the youth,” he said. Unemployment among people aged 15-34 years is estimated at 36.1%…
Choosen excerpts by JMM from
via iafrica.com | business | business news | Mine layoffs: 4.7m out of work.
Job Market Monitor 
Sadly I forgot about South Africa and the problems they have faced for years. Zynkin news will do more on updating the problems there as well. Well done for highlighting the terrible situation there. It really does show other countries that this is a global disaster that has to be dealt with. How, I am not sure but we will do our bit in trying to help.
Posted by zynkin (@zynkin) | November 1, 2012, 9:14 am