Did you know? SA has 39 years of gold left. File image
Did you know? SA has 39 years of gold left. File image
File image: IOL
File image: IOL
JOHANNESBURG - Figures released today by Statistics South Africa showed that businesses shed jobs 31 000 jobs in the third quarter - the third consecutive quarter that businesses have bled jobs.

Stats SA’s 3Q17 Quarterly Employment Survey (QES) found that 9 000 jobs were lost in mining between the second and third quarter. Losses in the sector were led by gold and platinum sectors which shed 7 000 jobs. The Stats agency said the mining sector employed 462 000 people in the third quarter.

Quarterly losses were also observed in the services industry, 6 000 jobs, manufacturing industry, 5 000 jobs and electricity industry, 1 000 jobs. The stats agency, however, growth was seen in the construction industry where 4 000 jobs were created in September following a decline of 15 000 jobs in June.

Moderate gains were also reported in the transport industry with 3 000 jobs added in the current quarter following five quarters of consecutive job shedding.

Stats SA said 7 of the 8 industries surveyed recorded rise in gross earnings in the third quarter compared to the previous quarter. “Gross earnings for the quarter ended September 2017 increased by R19,5 billion. The total amount of gross earnings measured for the quarter was R606 billion.”

“This is up from R587 billion in the previous quarter. There was a 6,0% year-on-year increase in earnings in the current quarter compared with September 2016, amounting to R34 billion,” Stats SA said.

Jason Muscat, FNB Senior Economic Analyst, said the QES was worse than hehad anticipated.

“The ongoing strain in the manufacturing and construction sectors was evident in the gross earnings increase for employees, which were both well below the rate of inflation (3.4% y/y and 0.2% respectively).”

“We maintain that the employment rate is likely to remain flat over the forecast horizon given low levels of investment, confidence and economic growth,” Muscant said.