Unemployment reaches record high of 29.1%
South African unemployment rate has reached its highest recorded levels in more than 11 years.
Statistics South Africa (StatsSA) announced on Tuesday morning, that unemployment is currently standing at 29.1%.
This relates to 6.7 million people without jobs in the third quarter of 2019.
The 0.1% increase from the second quarter of 2019 means that there has been an increase of 1.5 million people seeking jobs since 2009.
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Efficient Group economist, Francois Stofberg, projects that the unemployment rate will continue to rise due to slow economic growth.
"The growth rate of entrants into the job market is more than the economy is producing jobs. We will continue to see the deterioration of unemployment. We'll probably reach figures of 30% in not too long," warns Stoffberg
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