PODCAST | ‘It has been tough, but the worst is behind us’
Mudiwa Gavaza is joined by Dawie Roodt, chief economist at Efficient Group
26 August 2022 - 14:27
by Mudiwa Gavaza
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For the local economy, new numbers this week presented some good and bad news. Picture: GALLO IMAGES/LAIRD FORBES
New unemployment and inflation data are the focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Dawie Roodt, chief economist at Efficient Group.
Taking a pulse check of the economy, Roodt highlights global factors such as oil prices, supply chain constraints, inflation, interest rates and commodities as some of the issues affecting economies around the world, including SA.
For the local economy, new numbers this week presented some good and some bad news.
Join the debate:
Stats SA reported consumer inflation accelerated to 7.8% in July to reach another 13-year high, up from 7.4% in June, driven mainly by fuel and food prices.
The consumer price index reading remains outside the Reserve Bank’s target range of 3%-6%.
In addition, the quarterly labour force survey showed that the economy created 647,651 jobs in the three months to end-June, resulting in the official unemployment rate falling to 33.9% from 34.5% in the first quarter.
Roodt is optimistic that inflation may start to taper downwards as issues around supply chains and energy stabilise. However, he is more pessimistic about unemployment, saying that while jobs growth is likely to be seen in coming quarters, it is unlikely to be enough to truly rein in the country’s jobs crisis.
Topics of discussion include: new data around unemployment and inflation; global factors affecting the SA economy; how policy can be improved to create more jobs; thoughts about the liberalisation of the energy sector; and issues that businesses are worried about.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
Business Day Spotlight
PODCAST | ‘It has been tough, but the worst is behind us’
Mudiwa Gavaza is joined by Dawie Roodt, chief economist at Efficient Group
New unemployment and inflation data are the focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Dawie Roodt, chief economist at Efficient Group.
Taking a pulse check of the economy, Roodt highlights global factors such as oil prices, supply chain constraints, inflation, interest rates and commodities as some of the issues affecting economies around the world, including SA.
For the local economy, new numbers this week presented some good and some bad news.
Join the debate:
Stats SA reported consumer inflation accelerated to 7.8% in July to reach another 13-year high, up from 7.4% in June, driven mainly by fuel and food prices.
The consumer price index reading remains outside the Reserve Bank’s target range of 3%-6%.
In addition, the quarterly labour force survey showed that the economy created 647,651 jobs in the three months to end-June, resulting in the official unemployment rate falling to 33.9% from 34.5% in the first quarter.
Roodt is optimistic that inflation may start to taper downwards as issues around supply chains and energy stabilise. However, he is more pessimistic about unemployment, saying that while jobs growth is likely to be seen in coming quarters, it is unlikely to be enough to truly rein in the country’s jobs crisis.
Topics of discussion include: new data around unemployment and inflation; global factors affecting the SA economy; how policy can be improved to create more jobs; thoughts about the liberalisation of the energy sector; and issues that businesses are worried about.
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