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South Africa Joblessness Stays Near 15-Year High, Banks Add Jobs

By Bloomberg 12 February 2019

The unemployment rate fell to 27.1 percent from 27.5 percent in the three months through September, Statistics South Africa said in report released Tuesday in the capital Pretoria. The median estimate of six economists surveyed by Bloomberg was 27.5 percent.

Key Insights

The improvement in the rate may reflect an increase in temporary jobs over the festive season, particularly in the retail industry, said Mamello Matikinca, the chief economist at FirstRand Ltd.’s First National Bank unit, in a note before the data release. At 109,000, the finance industry added the most jobs while community and social services, which include the government, cut 51,000 positions. Africa’s most-industrialized economy hasn’t grown by more than 2 percent a year since 2013, stifling job creation. Economists, including Investec Bank Ltd.’s Kamilla Kaplan, say gross domestic product must expand by 3 percent to 5 percent annually for the unemployment rate to recede. President Cyril Ramaphosa pledged growth of as much as 5 percent a year in his campaign for leadership of the ruling African National Congress. He used his state-of-the-nation-address last week to highlight deals brokered at a presidential jobs summit, which could create 275,000 jobs a year, and plans to focus on policies in labor intensive sectors. The South African Reserve Bank said the economy probably grew by 0.7 percent in 2018 after emerging from a recession in the third quarter. DM

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Want to watch Richard Poplak’s audition for SA’s Got Talent?

Who doesn’t? Alas, it was removed by the host site for prolific swearing*... Now that we’ve got your attention, we thought we’d take the opportunity to talk to you about the small matter of book burning and freedom of speech.

Since its release, Pieter-Louis Myburgh’s book Gangster State, has sparked numerous fascist-like behavior from certain members of the public (and the State). There have been planned book burnings, disrupted launches and Ace Magashule has openly called him a liar. And just to say thanks, a R10m defamation suit has been lodged against the author.

Pieter-Louis Myburgh is our latest Scorpio Investigative journalist recruit and we’re not going to let him and his crucial book be silenced. When the Cape Town launch was postponed, Maverick Insider stepped in and relocated it to a secure location so that Pieter-Louis’ revelations could be heard by the public. If we’ve learnt one thing over the past ten years it is this: when anyone tries to infringe on our constitutional rights, we have to fight back. Every day, our journalists are uncovering more details and evidence of State Capture and its various reincarnations. The rot is deep and the threats, like this recent one to freedom of speech, are real. You can support the cause by becoming an Insider and help free the speech that can make a difference.

*No video of Richard Poplak auditioning for SA’s Got Talent actually exists. Unless it does and we don’t know about it please send it through.


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