SA’s unemployment rate spirals further into the record books

SA’s unemployment rate spirals further into the record books

Joblessness in South Africa has reached its highest level since 2008 – 25.5% in the second quarter of 2014.

The unemployment rate rose by 0.3% from a rate of 25.2% in the first quarter of the year, Statistics South Africa reported in its quarterly labour force survey (QLFS), which was released on Tuesday.

“The number of unemployed persons increased by 87 000 over the second quarter of 2014 to 5.2-million, the highest level since the inception of the QLFS in 2008,” Stats South Africa (StatsSA) said. “This resulted in an increase in the unemployment rate to 25.5% … while the absorption rate remained virtually unchanged.”

The survey is based on households and data is collected on the labour-market activities of individuals between the ages of 15 and 64 years.

“The unemployment rate is four percentage points above the low of 21.5% observed in the final quarter of 2008,” StatsSA said…

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