The report, released on May 14, […] And as far as the BRICS countries are concerned, of which South Africa represents the Maroun is among South Africa’s 8.2 million unemployed young people aged 15 to 34, representing 40.1% of the 20.4 million youth population, according to the … Unemployment is a key economic indicator. Things are not looking good for South Africa’s unemployment rate, particularly the youth unemployment rate. Employment Rate in South Africa averaged 42.96 percent from 2000 until 2020, reaching an all time high of 46.17 percent in the fourth quarter of 2008 and a record low of 36.26 percent in the second quarter of 2020. South Africa unemployment rate for 2019 was 28.18%, a 1.26% increase from 2018. Unemployment is simple enough to understand: it is an economic condition in which individuals seeking jobs remain un-hired. South Africa has seen a rapid rise in the number of university graduates since 1994, and nearly all have found work. According to the Quarterly Labour Force Survey, the youth aged 15-24 years are the most vulnerable in the South African labor market as the unemployment rate among this age was 59,0% in the first quarter of 2020. In the first quarter of 2020, the unemployment rate among Black South Africans reached 33.8 percent, marking a year-on-year change of 2.7 percent compared to the first quarter of 2019. causes of unemployment in south africa It is said that there is no smoke without fire… this saying can be implied here as well that, there are events that bring about unemployment. When there is a high employment rate among the people of a nation, it promotes a spirit of dignity, achievement, independence, and innovation – it isn’t only about making or earning a form of income. 3.2 GRADUATE UNEMPLOYMENT IN SOUTH AFRICA 19 3.2.1 The extent of graduate unemployment 19 3.2.2 The nature of graduate unemployment 20 3.2.2.1 Demographic characteristics 20 3.2.2.2 Human capital characteristics 22 3.2.2.3 Duration of job search 27 3.2.3 Causes 28 3.2.3.1 Structural problems 28 . If we care enough, we should be looking at better data that lies in university administrative systems and the South African Revenue Service (SARS). Unemployment in South Africa rose to 30.1% in the first three months of 2020, Statistics South Africa has revealed. Unemployment increases progressively with decreased educational levels ; and the education system is not producing the skills for the labour market. In 2019, it had the world's highest youth unemployment rate, at … 30.8% . Unemployment figures in South Africa have recently risen sharply as the country feels the economic impact of the Covid-19 pandemic. Graduate unemployment rates are low owing to the high demand for skilled labour. And comfortably so, with Nigeria next in line at 23.1 percent and then Turkey at 14.0 percent. Statistics South Africa published its Quarterly Labour Force Survey for Q2 of 2019 and it found that the unemployment rate shot up to 29% Graduate unemployment appears to be a problem in South Africa, and one that impacts on black women disproportionately. Employment Rate in South Africa increased to 37.50 percent in the third quarter of 2020 from 36.26 percent in the second quarter of 2020. However, there was a sharp decrease in the official unemployment rate, from 30.1% in quarter one to 23.3% in quarter two. Statistics South Africa’s results for the first quarter of 2019 showed an unemployment rate of 31% among graduates up to the age of 24. The results are contained in the Quarterly Labour Force Survey (QLFS) released by Stats SA on Tuesday. Advertisement. Youth unemployment refers to the share of the labor force ages 15-24 without work but available for and seeking employment. The recently released Quarterly Labour Force Survey by Statistics South Africa, revealed that the country’s official unemployment rate increased by 7.5% during Q3 2020, to a record high of 30.8%. South Africa youth unemployment rate for 2019 was 55.97%, a 2.18% increase from 2018.; South Africa youth unemployment rate for 2018 was 53.79%, a 0.17% increase from 2017.; South Africa youth unemployment rate for 2017 was 53.62%, a 0.04% decline from 2016. To some extent, this increase in graduate unemployment can be attributed to South Africa’s weak growth performance over the last decade. South Africa faced an unemployment crisis even before the virus. Also, the sample size for the labour survey was much smaller than usual. While previous research has described which graduates are more vulnerable to unemployment, few studies have assessed the reasons for their struggle. Why is the unemployment rate so high in South Africa? South Africa's unemployment rate struck a record high of 30.8% in the third quarter, a big jump from the previous quarter when figures were distorted by lockdown restrictions that prevented people from job-hunting, the statistics agency said on Thursday. Twenty-six years since the dawn of democracy and South Africa still has one of the world’s highest unemployment rates at 29%, accounting for around 6.7 million people. What is the unemployment rate in South Africa 2020? JOHOR BARU: The unemployment situation among graduates has grown from a matter of gnawing concern to an issue that leaves furrows in the brows of education planners. Unemployment, total (% of total labor force) (modeled ILO estimate) - Sub-Saharan Africa International Labour Organization, ILOSTAT database. Graduate unemployment in South Africa is an exaggerated problem. The natural rate of unemployment is between 3.5% and 4.5%. The youth unemployment rate currently sits at 55.2%, with almost two-thirds of unemployed South Africans falling into the youngest age bracket. AS English Update: 24/06/2020 03:00 South Africa’s high unemployment rate is partially a result of weak economic growth and, after the world economic crash of 2008, the unemployment rates skyrocketed. South Africa’s official unemployment rate fell from 30% to 23% in the second quarter of 2020. Those who couldn’t look for jobs during lockdown were not counted as unemployed. But publicly available data is just not good enough for us to be absolutely certain. Among graduates, the national unemployment rate … While this is slightly lower than the global youth unemployment rate of 12.4 percent, the African region has the world’s highest rate of working poverty — people who are employed but earning less than US$2 a day. Indeed, between 2002 and 2007 when the average annual real GDP growth rate was 4.4%, graduate unemployment declined from 6% to 3%. The results revealed that in the quarter, employment decreased by 38 000 to 16.4 million. Among graduates in this group, the unemployment rate was … Among graduates in this age group, the unemployment rate was 33.1% during this period compared to 24.6% in the 4th quarter of 2019 – an increase of 8.5 percentage points quarter-on-quarter. The youth aged 15–24 years are the most vulnerable in the South African labour market as the unemployment rate among this age group was 59.0% in the 1st quarter of 2020. However, certain groups of graduates continue to struggle to find employment. Yet measuring how many people are unemployed at any given moment in any given country is rather complex. Another worrying statistic for South Africa is the adult literacy rate, which is defined as people over the age of 20 with Grd 7 as the highest level of education is sitting at 13.8%. Before 2008, the GDP growth rate was 4.4% but dropped on average to 1.8% after 2008 and is projected to be 0.5% in 2020. Data retrieved in June 21, 2020. The province with the highest adult literacy rate is the Eastern Cape (20.5%), closely followed by … The situation differs in South Africa. The best available and updated data, properly scrutinised, fails to support any finding other than the one that the graduate unemployment rate in South Africa has been more or less constant since 1995 (although with some cyclical movement). The jobless rate has been above 20% for at least two decades, even though the economy expanded by 5% or more a year in the early 2000s. Approximately 8.2 million (40.1%) of South Africa’s 20.4 million young people aged 15 to 34 are not in employment, education or training of any sort. SA's unemployment rate struck a record high of 30.8% in the third quarter - a big jump from the previous quarter, when figures were distorted by lockdown restrictions, Stats SA said on Thursday. For more articles, go to www.businessinsider.co.za. This is according to Statistics South Africa’s (StatsSA) quarterly labour survey [PDF] for the first three months of 2019. Inadequate education and lack of productivity is costing jobs. Thus, less jobs are being created to fully absorb the South African labour force. This is mostly due to how being “unemployed” is defined. Unemployment Rates Around the World 2020. Unemployment may be classified as either a frictional, structural, cyclical, or demand-deficit type. Unemployment refers to the share of the labor force that is without work but available for and seeking employment. The agency only classifies people as unemployed if they are actively looking for work, which meant the unemployment rate was artificially … South Africa unemployment rate for 2018 was 26.92%, a 0.15% decline from 2017. South Africa was already in recession and struggling with record-high unemployment before the pandemic. The unemployment rate is now 27.6%, up by 0.9% from the first quarter in 2018. Internationally, South Africa’s 29.1-percent unemployment rate ranks as the worst of all of the world’s major economies. High employment rates can be symptomatic of a distressed economy. According to Stats SA, the official unemployment rate increased by 1.0 percentage point to 30.1% in the first quarter of 2020 compared to the fourth quarter of 2019. Vulnerable to unemployment, total ( % of total labor force that is without work available... Over the last decade the natural rate of unemployment is 3.5. 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