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Good place for the federal government to fund minimum wage jobs for anyone willing and able to work and turn the nation into a model of prosperity overnight.
by Nasreen Seria and Mike Cohen
May 5 (Bloomberg) — South AfricaÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢s unemployment rate, the highest of 62 countries tracked by Bloomberg, rose in the first quarter as the economy probably entered a recession for the first time in 17 years.
The jobless rate increased to 23.5 percent from 21.9 percent in the previous three months, Statistics South Africa said in a report released in Pretoria today. The number of people out of work rose to 4.18 million from 3.87 million.
ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œManufacturing and mining are under strain, and we can expect these numbers to worsen,ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â said Fanie Joubert, an economist at Efficient Group in Pretoria. ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œWeÃƒÂ¢Ã¢â€šÂ¬Ã¢â€žÂ¢re unlikely to see a recovery until the fourth quarter.ÃƒÂ¢Ã¢â€šÂ¬Ã‚Â
The ruling African National Congress, which won a fourth consecutive five-year mandate in April 22 elections, has pledged to make ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œdecent work opportunitiesÃƒÂ¢Ã¢â€šÂ¬Ã‚Â the focus of its economic policy. The government is aiming to cut the unemployment rate to 14 percent by 2014.