South Africa’s unemployment rate hits four-year high
More than 340,000 people joined the ranks of the unemployed between April and June, pushing the total number of jobless to 8.5 million.
South Africa's unemployment rate surged to its highest point in four years during the second quarter, according to official statistics. The figures illustrate how investor confidence, which had improved over the past two years since the coalition government assumed power, has been undermined by an increasingly dire labor market.
Over 340,000 individuals entered the realm of the unemployed between April and June, raising the overall count of jobless individuals to 8.5 million, resulting in an unemployment rate of 33.6%. Among those without work, youth unemployment reached a staggering 47%. The data contradicts the optimistic market reaction that followed the formation of the coalition government, which saw the country's first ratings upgrades in 20 years and removal from a global financial watchdog's "gray list" of countries under heightened scrutiny.
Economic struggles are manifesting in tangible ways as political campaigns gear up for municipal elections in November. In major cities, high levels of joblessness have sparked a resurgence of anti-migrant sentiment and vigilante violence against foreigners from neighboring African nations, who are often blamed for stealing jobs and overburdening local services.
Written by urgent.news from Semafor's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
