Employment Or lack thereof
According to the hoary sages of StatsSA, unemployment breached a record of 32.5% in the fourth quarter of last year, or 7.2 million jobless in the Beloved Country. This increased rate results from more people joining the workforce, as predicted by economists. On the upside, the country added 333,000 jobs in the period with 189,000 in the formal sector, 76,000 in private households, 65,000 in the informal sector, and 2,000 in agriculture. The breakdown of the unemployed is illuminating: 52.3% had a level of education below matric, while only 1.8% were graduates. 78.3% of the country’s 15 million employed people said they were expected to work during lockdown, while 66% said lockdown had made working impossible. Encouragingly, 95.4% expected to return to their same job after lockdown.
Comment: This is where the pedal of macroeconomics hits the hard metal of peoples’ lived experience. These numbers should be on every office wall in the country.