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‘Youth unemployment in SA is a national crisis’

Stanlib chief economist Kevin Lings, SA’s labour market failed to gain any meaningful traction over the past year, with the unemployment rate, especially for the youth, remaining exceedingly high by global standards.

Statistics SA announced the unemployment figures for the second quarter of 2017 on Monday, which showed that the unemployment rate remained stagnant at a worrying 27.7%, which is its highest level since the data series started. The unemployment rate for the youth younger than 25 - using the expanded definition that includes discouraged workers - is a shockingly high 67.4%.

“Clearly, the rate of youth unemployed has become a national crisis, with significant social, economic and political implications,” warned Lings. He went on to state: “Increasing employment in South Africa has to be the number one economic, political and social objective, and can only be resolved meaningfully through a concerted and sustained effort to improve skills development as well as encourage private sector fixed investment spending, business development and entrepreneurship.

Source: SA Labour News