Formal sector employment bloodbath as economy contracts, load-shedding persists
Sharp fall in second quarter’s formal employment is in line with the GDP contraction of 0.7% in that quarter
Employment in SA’s formal sector fell sharply in the second quarter, confounding expectations in the wake of the government’s recently announced energy reforms aimed at spurring economic growth.
Stats SA’s latest quarterly employment survey showed that total employment in the formal nonagricultural sector dropped 119,000 in the June quarter largely as a result of falls in the community services, manufacturing and trade sectors. These fell by 92,000, 13,000 and 2,000 respectively, wiping out the gains of 42,000 jobs in the previous quarter boosted by the community services, manufacturing and mining sectors, which brought total employment to 9.9-million. ..
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