More Formal Jobs Created In SA

12 Dec 2012

South Africa's formal economy created jobs in the third quarter, although at a slower pace. The Statistics South Africa data released today, show that the formal non-agricultural sector added 10 000 new jobs in the September quarter.

On an annual basis, employment increased by 82 000 jobs. Economist Mike Schussler says that is far below the 500 000 new formal jobs per annum needed to bring down unemployment.

The other worrying factor is that most of the new jobs were created in the public sector. Private companies continued to shed jobs with the exception of few industries such as retail and finance.

The Employment survey shows an 8% increase in the average monthly earnings of employees in the formal sector. That's between August 2011 and this year August. In terms of the earnings, again the public sector outpaced the private sector.

Source: http://www.sabc.co.za/news/a/aac199004dc5ad38844eb7f251b4e4e2/ANC-more-united-ahead-of-Mangaung:-Mantashe-20121112