Unemployment rate rises
The unemployment rate in South African has increased to 25,5 percent in the third quarter of 2012.
PRETORIA- The official unemployment rate has gone up, it was announced on Thursday.
In the third quarter of this year alone, 25,5 percent of the labour force did not have work.
This is up from 24, 9 percent in the second quarter of 2012.
Economist Elna Moolman said this is concerning.
"It is encouraging that job creation continues, but clearly the pace of job creation is insufficient. Despite the jobs created in the third quarter, employment is still about 400,000 below pre-crisis reached 2008."
Meanwhile, Reserve Bank Governor Gill Marcus said a subdued economy is hampering growth and job creation.
She is attending a conference on monetary policy at the Reserve Bank offices in Pretoria.
Marcus said the monetary policy committee requires assistance from both government and the private sector to improve the economy.
"A sustained increase in potential output requires a concertive effort by both government and the private sector and is something that monetary policy cannot achieve in its own, if at all."
She added that the strike action in the platinum and gold mining sectors has worsened the economic outlook following job losses in the sector.
It's not all local woes, as the current economic despair in the Euro Zone plays a significant role in growth within emerging economies, particularly on the African continent.