The Congress of South African Trade Unions (COSATU) demands bold and decisive action to tackle the ever-worsening unemployment crisis. The latest jobs report released by Statistics South Africa for the 3rd quarter of 2026, is beyond depressing. The job losses for 2026 are extremely worrying with unemployment having increased by 2.4% in the first three quarters of the year.
Whilst the increase in formal sector jobs by 268 000 and overall employment by 101 000 persons with positive gains in finance (111 000), manufacturing (33 000) and mining (31 000) are encouraging, they are not enough to absorb new entrants to the labour market with the expanded unemployment rate increasing by 0.2% to a staggering 44% overall for the 3rd quarter.
We pray the last quarter of the year will see a change for the better. Linked to this is the need for inflation to stabilise or decrease and thus to avoid another painful repo rate hike by the Reserve Bank.
We cannot continue to normalise 1% economic growth and dangerously high levels of unemployment, poverty and inequality. The extent of this crisis requires a bold and aggressive stimulus package to kickstart the economy, rebuild public and municipal services, make capital affordable and accessible for SMMEs and industrial sectors, and extend relief for the unemployed by expanding public employment programmes.
Similarly, efforts to reduce the prices of electricity and fuel, restore rail and ports to full capacity, and invest in economic infrastructure and tackle crime and corruption must be accelerated like never before.
COSATU will be requesting urgent engagements at Nedlac with government and business on a stimulus package mobilising every possible public and private financial resources to spur economic growth.
Unemployment is the single greatest threat to the nation. It requires the same decisive and progressive response as was mobilised and led by President Cyril Ramaphosa during COVID-19. This is a ticking time bomb we cannot continue to blue tick.
Issued by COSATU
Matthew Parks (COSATU Parliamentary Coordinator)
Mobile: 082 785 0687
Email: matthew@cosatu.org.za