South Africa’s Unemployment Rate Dips Slightly in 2Q

Unemployment Rate

South Africa’s unemployment rate dipped slightly to 26.6 percent for the second quarter of the year. This is down from 26.7 percent.

The figures are contained in Stats SA’s labour force survey.

Stats SA says this amount to 5.634 million people without jobs for the second quarter, down from 5.723 million in the quarter before.

Added to this, it says the expanded definition of unemployment rate, which includes people who have given up looking for work, now stands at 36.4 percent – up from 36.3 percent.
Economists say this is not good news as it reflect the country’s growth.

Reserve Bank Governor Lesetja Kganyago said earlier this month that growth was projected to be zero percent this year.

He also stated that unemployment wouldn’t improve until there was an economic turnaround.

Stats SA also says South Africa’s producer inflation increased to 6.8 percent year on year last month, compared to 6.5 percent for May.

On a month on month basis, prices at the factory gate were up 0.6 percent, after declining point-three percent the month before.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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