Economists concerned over impact of Q1 job losses on South Africa’s future
There are concerns about the huge job shedding recorded in the first quarter of 2023 and the impact it will have on the future of the country.
Statistics South Africa (Stats SA) published the Quarterly Employment Statistics for the first quarter on Tuesday which revealed that approximately 21,000 jobs were lost between January and March 2023.
Total employment in the formal non-agricultural sector decreased by 21 000 in Q1:2023, bringing the level of total #employment to 9,97 million.
Read more here: https://t.co/iYjvw9yUlA#StatsSA pic.twitter.com/1RMwh4E6s2
— Stats SA (@StatsSA) June 27, 2023
Total gross earnings paid to employees decreased by R34,1 billion (QES, Q1:2023).
Read more here: https://t.co/MhliBMn8pE#StatsSA pic.twitter.com/vwqHDcxctz
— Stats SA (@StatsSA) June 27, 2023
Investec economist, Lara Hodes, said that the drop in monthly earnings and bonuses paid to employees was another predicament for financially stretched households.
Meanwhile, the chief economist at Econonometrix, Dr Azar Jammine, said that the decrease in permanent jobs, compared to an increase in part-time jobs, highlighted an emerging pattern for employers.
“That speaks to various structural problems in the economy, especially the power of the trade unions that is compelling a lot of businesses to try and shy away from granting people full-time employment, and instead employing them on a part-time basis to try and avoid the ravages of the trade unions.”
-EWN
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