Log in
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Dynamic quotes 

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

South Africa's unemployment rate jumps to new record high

02/23/2021 | 04:54am EST

PRETORIA, Feb 23 (Reuters) - South Africa's unemployment rate jumped to a record high in the fourth quarter of last year, the statistics agency said on Tuesday, as the economy was further battered by the COVID-19 pandemic.

Statistics South Africa said the unemployment rate stood at 32.5% in the October-December quarter, meaning 7.2 million people were unemployed, up from 30.8% in the previous three months.

The figure was the highest since the survey began in 2008.

"We are seeing that the proportion of people of working age, versus the proportion of those that are employed, is widening, meaning the market is not creating sufficient jobs to absorb enough (people)," Statistician General Risenga Maluleke told a news conference.

South Africa, which has the continent's highest rate of COVID-19 infections, was in recession before it recorded its first coronavirus infection in March and has long suffered from extremely high levels of unemployment.

According to an expanded definition of unemployment that includes those discouraged from seeking work, 42.6% of the labour force was without work in the fourth quarter, amounting to 11.1 million people, Stats SA data showed.

Compared to a year ago, total employment fell by 1.4 million people, while the number of people who were not economically active rose by 1.5 million, the agency said. (Reporting by Mfuneko Toyana, writing by Olivia Kumwenda-Mtambo, Editing by Catherine Evans and Nick Macfie)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX 0.16% 525.81 Delayed Quote.-0.66%
DOW JONES SOUTH AFRICA(ZAR) 0.92% 1987.69 Delayed Quote.11.67%
S&P AFRICA 40 INDEX 0.12% 171.28 Delayed Quote.-0.87%
Latest news "Economy & Forex"
05:45aDERBY'S TAKE  : After Bond-Market Tumult, Some See Need for Stronger Fed Response
05:42aNorway central bank's birger vikoren among applicants to become new deputy norway central bank governor -norway central bank
05:41aAdevinta, eBay to sell UK units to secure $9.2 billion tie-up
05:40aEUROPE POWER-Day-ahead prices fall on rising supply
05:38aUK banks face savings glut on road to pandemic recovery
05:37aGOVERNMENT OF REPUBLIC OF LITHUANIA  : Commission endorses methodology principles for trade in electricity with third countries
05:21aGerman exports to UK fell almost a third in January as Brexit hit
05:19aGerman exports to UK fell almost a third in January as Brexit hit
05:08aFlutter's bet on booming US market bears fruit, earnings jump
05:04aUK's Taylor Wimpey sees recovery building in 2021 after good start
Latest news "Economy & Forex"