The latest Quarterly Labour Force Survey from Statistics South Africa reveals a troubling rise in the unemployment rate to 32.7%, as the economy grapples with inflation, job losses, and geopolitical tensions.
The latest Quarterly Labour Force Survey released by Statistics South Africa this past week revealed a stark reality for the country as the official unemployment rate climbed to 32.7% in the first three months of the year from 31.4% in the previous quarter after the economy shed 345,000 jobs.
The economy has been hit by a melting pot of problems, from inflation on a continual rise, fuel prices skyrocketing and interest rates remaining elevated.
Analysts have pointed to the economy not being able to cope with the pressures and a severe failure to spur on job creation.
Many of the issues facing the economy this year has stemmed from negative global developments, as the United States (US) and Iran conflict continues, which have sent international oil prices to extreme highs.
