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JOHANNESBURG - COSATU is disappointed by the latest unemployment figures which was released by StatsSA today.

According to StatsSA, the unemployment rate remains at a startling high of more than 36%. 

Formal sector jobs stand at a 144 000 loss whilst agricultural jobs experienced a loss of 40 000 jobs and 8000 household jobs respectively.

The work-seeking force has subsequently increased by an added 83 000. 

This stands against a backlog of the recent announcement which plans to retrench a further 20 000 mine workers throughout the following two weeks. 

Government departments, municipalities as well as parastatals are regarded as contributors to the current unemployment crisis. 

Similarly, the second largest supermarket chain store in South Africa - Pick 'n Pay has announced its plan last week to retrench 3 000 workers.

The jobless economic reality has given rise to a jobless economic recession, according to COSATU.

What is worth noting is that unemployment poses the greatest threat yet to this nation. 

COSATU calls on government to address the promised Jobs Summit as well as the regulation of private companies. 

'The reason why we have problems is because of lack of local demand and continued focus on exports and local companies investing SA-made profits outside South Africa. 9.3 million' says COSATU. 

COSATU further calls on government to redress it's economic philosophy. 

According to COSATU, income inequality and poverty cannot be combated if there is no regulation of the private sector. 

- BUSINESS REPORT ONLINE