The unemployment rate for the first quarter of 2020 has increased by one-percent. This means the unemployment rate for the first quarter of the year stands at 30.1-percent.
Statistics South Africa released its unemployment stats on Tuesday which indicates that employment decreased by 38,000 to 16,4-million and the number of unemployed persons increased by 344,000 to 7,1-million.
Stats SA says that a net decline in total employment in the first quarter of 2020 was mainly driven by decreases in the number of people employed in the formal sector (50,000) and Agriculture (21,000).
Stats SA says this is the highest unemployment rate ever recorded in this survey.
In 2009 during financial crisis unemployment was at 24.1%
That’s 6% higher unemployment than during the financial crisis. #unemployment
— Heidi Giokos (@HeidiGiokos) June 23, 2020
There is an increase in employment in the informal sector and private households during the first quarter. Most industries experienced job losses in the first quarter of 2020.
Finance shed the most jobs in the first quarter at 50,000 followed by, community and social services (33,000), agriculture (21 000), transport (17 000), manufacturing (15 000), construction (7 000) and utilities (4 000) industries.
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