The recent unemployment statistics render the argument by President Cyril Ramaphosa that employment has increased, meaningless. As the Quarterly Labour Force Survey (QLFS) for the 4th quarter of 2023 shows, many people continue to languish in a pool of unemployment.
The South African Federation of Trade Unions (SAFTU) is not shocked that the official unemployment rate has increased from 31,9 to 32.1%. Though expanded unemployment has declined by 0,1%, it is still alarmingly high at 11,6 million. This proves our argument that the current economic structure and the macroeconomic framework is not suitable to solve our economic crisis and the high unemployment rate.
Up to 70% (6,7 million) of young workers between the ages of 15 and 24 years are unemployed. Illustrating this crisis of youth unemployment glaringly, is the number of those who are not in any form of education, employment, and training (NEET), sitting at 8,8 million youth from 15-34 year
The latest QLFS also continues to expose the patriarchal legacies of racial capitalism, with the overwhelming majority of unemployed women being black Africans.
Under capitalism one needs an income to subsist. Since one needs to be employed in order to earn an income, unemployment directly contributes to poverty. It is no surprise, therefore, that the levels of poverty have remained appallingly high, with an estimated over 13,8 million people living in abject poverty.
To solve this high level of unemployment, the government needs to overhaul the economic structure and the macroeconomic framework guiding it.
Up to 70% (6,7 million) of young workers between the ages of 15 and 24 years are unemployed. Illustrating this crisis of youth unemployment glaringly, is the number of those who are not in any form of education, employment, and training (NEET), sitting at 8,8 million youth from 15-34 years.
The latest QLFS also continues to expose the patriarchal legacies of racial capitalism, with the overwhelming majority of unemployed women being black Africans.
Under capitalism one needs an income to subsist. Since one needs to be employed in order to earn an income, unemployment directly contributes to poverty. It is no surprise, therefore, that the levels of poverty have remained appallingly high, with an estimated over 13,8 million people living in abject poverty.
To solve this high level of unemployment, the government needs to overhaul the economic structure and the macroeconomic framework guiding it.
