COSATU notes with disappointment the latest unemployment figures
14 May 2024
The Congress of South African Trade Unions (COSATU) notes with disappointment the latest unemployment figures showing a slight uptick in the unemployment rate. Whilst this is not unusual for the 1st quarter of the year which normally follows a seasonal increase in jobs over the festive holidays and retail peak period during the 4th quarter of the year, it is nonetheless disappointing.
Though we are frustrated by an increase in unemployment, we appreciate that this is not surprising given the challenges at Transnet that the mining, manufacturing and agricultural experienced during the first half of the 1st quarter and the 4th quarter in particular.
We are heartened by indications in the jobs report that the mining, manufacturing and agricultural sectors are showing signs of recovering from the challenges they encountered in transporting their exports.
The report is a sobering reminder that we cannot sustain the current levels of unemployment and that whilst we are seeing critical progress on many fronts, from the massive decrease in loadshedding, to the reduction in congestion at our ports, the reopening of various freight and commuter rail lines, the increase in revenues collected by SARS and significant investment injections by such international giants as VW and Hisense; much more remains to be done to unlock the economy and slash unemployment.