THE formal sector shed a staggering 161‚000 jobs between the second quarters of last year and this year‚ indicating how tough economic conditions are starting to bite.
Formal jobs are important as they usually carry benefits and make a sustained inroad into unemployment. The sector also employs more people‚ so if jobs are lost there‚ it means SA’s 25% unemployment rate will persist for longer.
In the second quarter of this year 1‚000 jobs were lost when the economy contracted 1.3%‚ Statistics SA’s quarterly employment statistics survey showed on Tuesday.
Job losses mount as economy stumbles
THE formal sector shed a staggering 161‚000 jobs between the second quarters of last year and this year‚ indicating how tough economic conditions are starting to bite.
Formal jobs are important as they usually carry benefits and make a sustained inroad into unemployment. The sector also employs more people‚ so if jobs are lost there‚ it means SA’s 25% unemployment rate will persist for longer.
In the second quarter of this year 1‚000 jobs were lost when the economy contracted 1.3%‚ Statistics SA’s quarterly employment statistics survey showed on Tuesday.
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