File image: IOL.

CAPE TOWN - Statistics South Africa will announce South Africa’s job statistics for the third quarter of 2017 at around 11:00 am. 

The job statistics derive from the quarterly labour force survey. This reflects the growth in employment across a number of sectors in the economy. 

Notably, in the first quarter of this year, unemployment levels rose to the highest levels since 2003. It reached 27.7% and it remained at this percentage in the second quarter. 

Unemployment levels have risen robustly. 

The hope for South Africa’s youth also seems bleak. 

South Africa accounted for 67% of youth unemployment in the previous two quarters. 

This has been dubbed a “national crisis” by Stanlib economist, Kevin Lings, reports a local media house. 

This “national crisis” can consequently affect the political and economic spectrum. 

In addition, the University of South Africa (Unisa) and Momentum warned that South Africa could lose up to a million jobs by next year if stagnant economic growth was not addressed.

This comes after the University and the financial services provider released the Household Financial Wellness Index in August this year. 

According to the Index, growth in employment and the gross domestic product (GDP) declined from 0.7 in 2011 to -0.2 in 2015 and was expected to go even below 0.3 this year and next year.

Additionally, the index found that unemployment increased from 4.6 million people in 2011 to 5.9 million in 2016. It said it expected that 7.2 million would be out of jobs at the end of 2018

South Africa’s bleak employment outlook has been blamed on the recent recession and policy uncertainties. 

“It’s going to be tougher to get a job and hang on to a job during 2017 and 2018. It’s clear from available employment figures that many businesses are struggling to survive with the implication that they will on average rather shed more jobs than create more jobs”, said professor at the Bureau of Market Research at Unisa, Carel van Aardt. 

South Africa’s bleak employment outlook has been blamed on the recent recession and policy uncertainties. 

READ ALSO: 1m jobs at risk over stagnant SA growth

- BUSINESS REPORT ONLINE