The publication of the most recent Quarterly Labour Force Survey by Statistics SA and its calculations that the number of unemployed people continues to increase have once again elicited strong opinions and calls that somebody must do something.
Reading the labour force and unemployment statistics together with the report on population growth that Stats SA published a few days earlier – and the statement of the SA Reserve Bank on interest rates a week earlier – creates an even gloomier picture.
Read: The South African disaster: No businesses for the unemployed
The labour force survey for the second quarter of 2019 shows that the economy added a paltry 25 000 jobs compared to a year ago, but that the labour force increased by 598 000 work seekers.
This means only a single job was available for every 24 people who entered the labour market during the last year.
The figures are even worse when taking a closer look at the different
Continue reading…