28 000 non-farming jobs lost by South Africa

South Africa is passing from the highest unemployment rate among the 40 emerging markets which were found by Bloomberg. It lost 28,000 non-farming jobs in the second quarter.

According to a statistics given on the website by Pretoria, South Africa- The employment in the non-agricultural sector had fallen by 0.3% to 8.4 million from the first quarter. The data has been prepared by taking into consideration the companies registered to pay taxes.

In first quarter, the Africa’s economy was found 0.9% which grew up to 3%  in the second quarter. The data was declared by the statistics office on August 27, as the manufacturing output and finance, real estate and business services expanded.

According to a survey conducted by Bloomberg on 19 economist, the Reserve Bank has kept their repurchase rate at 5% for more than a year and now may hold the rate on Thursday.

The Reserve Bank has kept it benchmark repurchase rate at 5 percent for more than a year and will probably hold the rate on Thursday, according to 19 economists surveyed by Bloomberg.  

A calculation based on the survey done on formal and informal industries states that the unemployment rate has reached a two year high of 25.6% in the second quarter. Government is targeting 14% jobless rate by 2020.

Statistics SA said that South Africa added 0.1% more jobs in second quarter in comparison to a year earlier.