South Africa's unemployment rate increases: Worst figure in 11 years

South Africa's unemployment rate increases: Worst figure in 11 years

- Any hopes that SA's unemployment rate would improve in the third quarter of the year have evaporated

- The rate has worsened to 29.1%, the highest level seen in over 11 years according to Statistician-General Risenga Maluleke

- Despite President Cyril Ramaphosa acknowledging the crisis, it appears the situation has failed to improve

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Statistician-General Risenga Maluleke has revealed that South Africa's unemployment rate has worsened to 29.1%.

Fin24 reports that the 0.1 percentage increase from the second quarter of the year has seen the figure slump to the worst figure in over 11 years.

Over the course of the past decade, the unemployment rate has increased by 4.6% points despite government plans to combat the pressing issue.

With a workforce of 38.6 million citizens, only 23.1 million are actively engaged in employment opportunities, while 6.7 million are unemployed and 15.5 not active in the economy.

READ ALSO: Ramaphosa on unemployment: We are in deep and serious crisis

Around 44 000 more workers over the course of the past quarter have given up looking for work while 78 000 joined the unemployed masses.

In reaction to the increase in unemployed citizens during the second quarter, President Cyril Ramaphosa had dubbed the situation a 'deep and serious crisis' commenting:

"The enormity of joblessness, together with low economic growth and the adverse global economic conditions means that we are called upon to come up with a whole number of solutions. And some of those means that we must be innovative, and we must combine that with our willingness to be as creative as possible to address this crisis. Because we are essentially in a deep and serious crisis."

Briefly.co.za reported that billionaire Patrice Motsepe had recently launched a R100 million project to attempt to combat the issue.

The endeavour is a collaboration between the businessman and religious entities and will train citizens and provide job opportunities.

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Source: Briefly.co.za

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