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Business Report writes that economists believe this week’s unemployment data will remain stubbornly high amidst weak economic growth.
The third quarter jobs data will be released on Tuesday after the two previous quarter’s data came in weak, with the last report showing unemployment at above 27%. Investec economist Lara Hodes said weak economic growth, elevated unemployment levels and falling real disposable incomes have subdued local demand. She noted that a notable uptick in investment, which would ultimately lift business confidence and potential gross domestic product (GDP) growth, was required to enhance employment rates. FNB chief economist Mamello Matikinca said unemployment would remain high, but neither did he forecast a material deterioration, and expected the 27.2% rate to remain more or less stable. The hopes of more than 9 million job hunting South Africans were further dented last week after the Treasury slashed this year’s growth projection to 0.7% from 1.5%. Earlier this month, Bureau for Economic Research data showed that since the 2008 financial crisis, domestic real GDP growth had underperformed relative to both emerging market peers and average global growth.
- Read this report by Kabelo Khumalo in full at Business Report
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