re posted from EIR DAILY ALERT SERVICE
South Africa’s Unemployment Rate Hits Record Levels
March 1 (EIRNS)—The official unemployment rate in South Africa reached 32.5% in the fourth quarter of 2020, an increase of 1.7% from the previous quarter, and now the highest since statistics were first published, beginning in 2008.
Interestingly, as the government Statistics SA office reports in its Quarterly Labor Force Survey, the number of employed persons actually increased in the fourth quarter by 333,000 to 15 million, However, the number of unemployed persons increased by twice that much, 701,000 to 7.2 million.
The full picture takes this from “depression” levels, to that approaching total breakdown. Including the “discouraged” workers, which increased by 235,000 and the number of people who were not economically active for other reasons (together called “expanded definition”), Statistics SA points out that the real unemployment rate reached 42.6% in the fourth quarter.
Source: EIR Daily Alert Service