The country's jobless rate continues to rise after almost 100 000 were lost in the first quarter of this yearEmployment prospects remain bleak in South Africa on the back of an economy that is failing to gain traction. Inflation remains persistent and remains outside the Reserve Bank’s upper limit of 6%.
FNB senior economist Koketso Mano said sticky inflation, tighter financial conditions along with domestic energy and logistical constraints will impede growth and employment prospects. Investec economist Lara Hodes said:"The trade sector shed 36 000 positions over the quarter, this following an increase over the seasonally significant festive period. Job numbers in all other sectors covered grew quarter-on-quarter but not by any significant amount [except community services], evincing the dire state of the economy."
Many of the jobs gained in manufacturing were in the food, beverages, and tobacco sector, but intensified load shedding and the effects on profit margins likely contributed to the fall in compensation.
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