ActionSA concerned as worsening unemployment stats reveal 42.6% of South Africans are jobless
13 August 2024
ActionSA expresses concern following Statistics SA’s announcement that the official unemployment rate increased from 32.9% in the first quarter to 33.5% in the second quarter, with the expanded unemployment rate also rising to 42.6% in the second quarter of 2024.
Worryingly, Stats SA’s figures reveal that an estimated 8.4 million South Africans are now unemployed, a dramatic increase from 5.2 million a decade ago. Indicative of an economy that has become stagnant and rudderless, more than three-quarters of the 8.4 million unemployed have been without a job for over a year.
The situation is even more dire for young South Africans, with youth unemployment rising from 59.7% in Q1 to 60.8% in Q2 of 2024. Consequently, among jobseekers aged 15-24 who are not enrolled in educational institutions, only four out of every ten have employment.
A month ago, ActionSA raised the alarm at the worsening unemployment crisis in South Africa, as evidenced by the quarter-on-quarter decrease in employment of 67,000 jobs, or -0.6%, from 10,731,000 in December 2023 to 10,664,000 in March 2024.
Today’s announcement makes it apparent that the dire state of employment is further deteriorating to the point where more South Africans are being pushed deeper into poverty while the government appears unable to arrest the multifactorial decline that has kneecapped our economy.
ActionSA has consistently argued that in an economy characterised by low growth and a lack of investment, the inevitable consequence is that jobs are not created, and many more South Africans, who are willing to work, will fall victim to the man-made standstill that deprives them of economic opportunities.
From policy uncertainty, restrictive labour laws, poor fiscal management, the breakdown of the rule of law, and bureaucratic overreach with burdensome red tape, to the decaying economic infrastructure, these are the hallmarks of the mismanagement of our economy that has brought us to this point.
ActionSA believes that it is therefore incumbent on the ‘GNU’/Grand Coalition, while it still attempts to put rubber on the road, to reverse the neglect and prioritise the implementation of sound economic policies that are both pragmatic and feasible, with a primary focus on revitalising our economy through growth.
The ‘GNU’/Grand Coalition need not look far for inspiration, as ActionSA’s Policy Offering is freely available and accessible, providing them with the necessary framework to achieve that revitalisation and growth. All we ask in return is their genuine commitment to empowering South Africans through an economy that delivers inclusive opportunities and gives people the dignity of a job.
Issued by Athol Trollip, Parliamentary Caucus Leader, ActionSA, 13 August 2024
