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Study reveals that 1 in 4 people doesn't have a job

By unknown | Dec 13, 2006 | COMMENTS [ 0 ]

Thomas McLachlan

Thomas McLachlan

Employment in the non-farming sectors rose by a modest 1 percent during the third quarter of this year, according to Statistics South Africa (StatsSA) figures released yesterday. This was despite huge gains in the country's growth.

South Africa, which has been flagged as having one of the highest unemployment rates in the world, reported that the non-farm sector created 73000 more jobs in the third quarter, compared with the one second quarter, which brings the official unemployment rate to 25,6percent.

About 211000 jobs have been created over the period of a year, well below the number considered necessary to both absorb the new entrants into the job market and to fight the unemployment rate.

In order to halve unemployment by 2014, government's accelerated and shared growth initiative of South Africa (Asgisa) aims to step up the pace of economic growth to 6 percent by 2010. But T-Sec economist Mike Schussler said at the current pace, this was not likely to be achieved.

"No matter which data set you look at, the fact is that employment is still growing, but we are off target for the government's goal of halving unemployment by 2014," he said last month after releasing his own set of data relating to unemployment.

Schussler's Employment Report cited a higher interest rate environment and slower economic growth as the main reasons for the cooling off in job creation, raising questions as to whether the reserve bank's recent interest rate hikes were producing the desired effect.

The report also found that self-employment had remained on the increase as a result of a lack of available jobs.

It said about one in six South Africans had created their own employment.

On the salary front, the StatsSA report found basic gross earnings paid to employees rose by 5,4 percent in the three months to September.

It also found that people earned on average 11 percent more this year, compared with the same quarter last year. - With I-Net Bridge


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