Post by cjm on Sept 5, 2016 7:15:52 GMT
As if evidence is needed
SA has one of the highest and most enduring unemployment rates in the world. Statistics SA’s quarterly labour force survey reveals some alarming labour market trends. The unemployment rate increased from 25% (5.23-million) in the second quarter of 2015 to 26.6% (5.634-million) in the second quarter of 2016, a loss of more than 400,000 jobs according to the strict definition.
A more realistic representation of what is happening is the expanded definition of unemployment, which includes so-called discouraged work-seekers and demonstrates that more than 500,000 jobs were lost over the course of the year, and puts the unemployment rate at 36.4% (8.880-million unemployed people).
Of the unemployed, more than two-thirds (66.9%) have been out of a job for longer than a year and a staggering 66.3% are between the ages of 15 and 24 years.