Unemployment rate has increased, poor timing for ANC

With less than two weeks to go to the election, South Africa’s 2024 unemployment rate has ticked up, bringing with it bad news for the African National Congress (ANC). Revealed by Stats SA this week, and reported on by BusinessLive, the rate has ticked up to 32.9%. Jobs in finance, construction and social services have seen the biggest losses. All the while, these have been somewhat offset by robust manufacturing and mining sectors.

2024 UNEMPLOYMENT RATE

The timing of a higher 2024 unemployment rate could not be worse for the embattled African National Congress (ANC). With just days to go to what promises to be the closest-fought election in Mzansi’s democracy, the ANC is reeling. President Cyril Ramaphosa has just signed the controversial National Health Insurance (NHI) bill, and many experts predict doing so marks the beginning of the end for the incumbent party.

Moreover, the joblessness rate increasing by 0.8% in 2024 only heightens the pressure. According to Daily Maverick, joblessness is a massive issue for voters. It currently trumps 2019’s gender-based violence and land expropriation as the major topic. Positive figures ahead of 29 May General Election would have certainly been something to shout about for the ANC.

• Here’s a reminder that if you’re travelling on Wednesday 29 May 2024, you will have to reregister to vote outside of your district by tomorrow.
• The Electoral Commission has also shared its plans to combat voter fraud in 2024.  
• Likewise, here’s how the organisation will be counting votes in 2024 to ensure a free and fair election.
• And don’t forget that you’ll be filling in three ballots in 2024, and here’s how that will work.

DAMNING STATISTICS

According to Stats SA, unemployment has risen to 8.2 million people in Q1 2024. That’s compared to 7.9 million in Q4 of 2023. That equates to 300 000 people becoming jobless in the last six months. The number of people in South Africa with jobs is 16.7 million. However, this does not include people working informally, off the books and not paying income tax. Some believe this figure to be as high as 7 million people.

However, the formally and informally employed are a mere snip of Mzansi’s working-age population – aged 18 and 64 – which is 41.2 million. South Africa’s available labour force is 25 million, 16.2 million of these are not economically active currently. And we have 29 million people receiving South African Social Security Agency grants.