Today's Labour News

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Stats SABusinessLive reports that Statistics SA will be announcing the second quarter unemployment rate in its Quarterly Labour Force Survey on Tuesday.  This will be preceded by the Organisation for Economic Co-operation and Development (OECD) Economic Survey of SA on Monday.  

It is forecasted that the data will show that unemployment remained high during the second quarter of 2017, underscoring the weakness of an economy in recession.  SA’s unemployment rate reached 27.7% in the first three months of 2017 — the highest in 14 years — after growth in job seeker numbers was faster than a rise in employment.  Economists differ on what the unemployment reading is likely to be.  First National Bank (FNB) forecasts a rise in unemployment to 27.8%, but Investec believes the rate may improve to 27.5%.  Low business confidence, constrained investment and weak consumption expenditure remain challenges.

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