(Source Alex E Proimos)
Youth unemployment has reached crisis proportions.
According to the Quarterly Labour Force Survey, the economy shed 171 000 jobs in the first quarter and the Adcorp Employment index shows a decline in employment of an annualised 6.2% between April and May 2010. Employment jumped 6.8% between July and August, the first increase in five months. Don’t get excited though: the jump was partly attributed to additional temporary workers employed during the public sector strike.
In the past year, 75% of job losses affected people under the age of 34 and 74% of those under the age of 24 are unemployed. While many lower and semi-skilled workers have lost their jobs, I’ve seen managers and professionals also falling to the retrenchment axe.
The statistics paint a grim picture that is unlikely to change in the short term.
There are still jobs available in the market.
Now is the time to ramp up your job hunting efforts.
Or break away from the crowd, follow your dreams and start a business.
What do you think?