South Africa Jobless Tally Heaps Pressure On Ramaphosa 

The economic challenge facing President Cyril Ramaphosa was laid bare as South Africa’s unemployment rate rose to its highest in more than a decade and the embattled state-owned Eskom power monopoly unveiled its biggest annual loss, the Financial Times reported. Joblessness in Africa’s most industrialised nation increased to 29 per cent in the second quarter, a 16-year high, according to official statistics released on Tuesday. The figure was 27.6 per cent in the first quarter. The rate, which is 38.5 per cent on an expanded definition including those who have given up looking for work, reflects deep structural blocks on employment for the black majority. Mr Ramaphosa, who became president last year with a promise of economic revival, is under pressure as signs of a slowdown are mounting and reforms face resistance in his own ruling African National Congress. Read more