Unemployment crisis worsens: 'We DESPERATELY need major reforms'

Bruce Whitfield interviews George Glynos, Head of Research at ETM Analytics.

South Africa's official unemployment rate jumped in the fourth quarter of 2023, to 32,1%.

That's an increase of 0,2 of a percentage point from 31,9% in the third quarter of last year.

The number of employed persons in the country decreased by 22 000 to 16,7 million according to Statistics SA's latest Quarterly Labour Force Survey, or QLFS. (Click here for the key findings)

The number of unemployed persons increased by 46 000 to 7,9 million during the same quarter. 

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In terms of the expanded definition, the unemployment rate went down by 0,1 of a percentage point to 41,1% in Q4.

The top industries contributing to the net employment decline include construction, agriculture, trade and manufacturing.

On the flipside, Stats SA says employment gains were recorded in the finance, transport and mining industries.

Bruce Whitfield gets comment from George Glynos, Head of Research at ETM Analytics.

The figures are particularly disturbing when you look at specific markers like youth unemployment, Glynos remarks.

"With the narrow definition we're talking in excess of 40%, and the broader definition brings youth unemployment close to 60%... We have to take a long hard look at the way we conduct policies in this country, and dare I say we need a significant shake-up."

"I don't know that we're going to get it tomorrow (Budget Speech) or in the run-up to this election, but we DESPERATELY need major reforms."

George Glynos, Head of Research - ETM Analytics

Scroll up to listen to Glynos' analysis