It has been great to see pictures of graduation ceremonies taking place across the country in recent months. They represent the culmination of many years of hard work and a well-deserved reward, both to the graduate and the proud family.
But the bad news for the newly-capped graduates has been the news by StatsSA that the unemployment rate in the first quarter of the year has increased to by 0.8 percentage points taking it up to 32.9%.
This is to be expected in the first quarter of the year as matriculants and graduates join the economy and start looking for jobs. So we are faced with the situation where although the unemployment rate went up, there was actually an increase in the number of jobs in the South African economy in this time. It’s just that the increase in the number of jobs was smaller than the number of new entrants into the labour market looking for jobs.
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