Employment in South Africa shrank by 48 000 jobs in the first quarter of the year, according to data released by Statistics South Africa (SSA) earlier today.

This is a sad indictment against Government and a President who promised millions of jobs in the recent past, particularly while South Africans are celebrating Youth Month.

The reasons for the high level of youth unemployment as well as unemployment in general are being discussed on an ongoing basis, but nothing much seems to change.

South Africa’s lack of micro-economic stability and non-functional infrastructure, a looming economic recession, as well as the lack of public confidence and consistency on political level frightens off international investment which, in turn, has companies hesitant to expand and limiting their staff component.

Add to that the recent downgrade of South Africa’s sovereign credit rating by the three most important ratings agencies, Moody’s, Fitch and S&P and it is clear why jobs are becoming scarcer.

According to SSA employment declined over the past year by 0.6% or 58 000 jobs.

Youth unemployment for jobseekers between 18 and 24 years old is pegged by some figures at as high as 48%, meaning almost one out of two are unemployed.

Instead of developing policies to create an environment for investment and economic growth that will create jobs, Government remains embroiled in corrupt activities of state capture and shamelessly defends its actions.

 

Issued by UASA