South Africa's Unemployment Crisis Worsens
78 Million Jobless South Africans in Q42022
Official Unemployment Rate at 339 in Q2 2022
The number of unemployed people in South Africa has skyrocketed to 78 million in the fourth quarter of 2022, a staggering increase from 47 million in the same period in 2012. The official unemployment rate has also reached an alarming 339 in the second quarter of 2022.
This unexpected surge in unemployment has come as a shock to many, as the country's economy has been showing signs of improvement in recent months. However, the latest labor force survey results paint a grim picture of the state of joblessness in South Africa.
Despite the overall increase in unemployment, there has been a slight decrease in the unemployment rate for the fourth quarter of 2022, dropping by 02 of a percentage point to 327 compared to the previous quarter. This small improvement is attributed to an increase in employment in the formal sector.
The government has welcomed the latest labor force survey results, calling them a "significant" improvement. However, the reality is that unemployment remains a major challenge for South Africa, and the country still has a long way to go before it can fully address this crisis.
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