South Africa has been hard hit by the worse unemployment crisis ever with over 5. 714 million people unemployed with youth the most affected.
The South African Unemployment rate grew by over 3% up in the first quarter of the financial year 2016 as it reached 26.7% from 24.5% in the fourth quarter of last year.
Over 5.714 million people of South Africa are unemployed and desperate to survive, some living on child grants of R300 per month with Youth being the most affected.
South Africa economy was dealt a major blow last towards December when the President fired the then Finance Minister Nhlanhla Nene and replaced him with the unknown and possibly incapable David Van Rooyen who was latter redeployed in the same week following a huge outcry by the investors and the members or the public.
Withing the same week the South African currency Rand(R) fell to its highest in history reaching almost R16.00 per American Dollar($) with the key investors pulling out, we have also seen Barclays axing the Barclays Africa within that space.
South Africa’s unemployment rate went up above market expectations from 24.5% to 26.7% of the labour force in the first quarter of 2016.
According to Statistics South Africa(Stat SA) the current quarterly labour force survey outcome means over 5.7 million people were without jobs in the first quarter compared with 5.2 million previously.
According to the Stat SA over 36.3% people stopped looking for work in the first four month of 2016 as compared to compared to 33.8% in the last quarter of 2015.
The unemployment level was expected to have increased given the slowdown in economic growth and the possible political instability in the country.
Graduates, school leavers and jobs shed are dramatically adding to the numbers of the unemployed…