Jobless rate hits 25,7% – labour recession

SA’s unemployment rate climbed to 25,7% in the second quarter — its highest in seven years — as an influx of job seekers into the labour market surpassed job creation.

Analysts were shocked at the news from Statistics SA yesterday, which showed the jobless rate leaping sharply from 25% in the first quarter.

Overall, the number of employed people rose by 7000 in the second quarter — a far cry from the number needed to reach the government’s goal of creating 5-million new jobs by 2020.

“We are still in a labour recession,” T-Sec economist Mike Schussler said yesterday. “The economy might be growing but it’s not creating jobs.”

via BusinessDay – Jobless rate hits 25,7% as ‘labour recession’ grips SA

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