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First with the News

South Africa’s Unemployment Rate Hits New All-time High

June 1, 2021
in Economy, Top Stories
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FILE PHOTO: Job seekers stand outside a construction site ahead of the release of the unemployement numbers by Statistics South Africa, in Eikenhof, south of Johannesburg, South Africa, June 23, 2020. REUTERS/Siphiwe Sibeko/File Photo/File Photo

FILE PHOTO: Job seekers stand outside a construction site ahead of the release of the unemployement numbers by Statistics South Africa, in Eikenhof, south of Johannesburg, South Africa, June 23, 2020. REUTERS/Siphiwe Sibeko/File Photo/File Photo

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By John Ikani

South Africa’s unemployment rate climbed to its highest level on record in the first quarter.

Relatedreading

South Africa: Afreximbank Maps Out $8bn Infrastructure Funding

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According to stats released by Quarterly Labour Force Survey (QFLS), the number of unemployed people in the country increased to an all-time high of 32.6%.

The percentage represent an addition of 8,000 to make the total number of unemployed persons 7.2 million.

The job losses were largely registered in the construction and agricultural sectors.

Young people have been particularly badly hit, with the unemployment rate among those aged 15 to 34 years old exceeding 46 percent.

It is worthwhile to note that South Africa’s economy was already in recession when the coronavirus hit last March.

It is Africa’s hardest hit by Covid-19, with over 1.6 million infections, including more than 56,000 fatalities.

Consequently, the stifled economic activity bled hundreds of thousands of jobs.

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