The rand was weaker in late afternoon trade on Tuesday as the latest employment data presented another grim picture of a stagnating local economy. The rand extended its weakness against the dollar despite a weaker greenback, with the euro gaining 1% to the US currency. Employment levels fell in the first quarter of 2017, though mining and construction both showed increases. Employment decreased by 48,000 jobs in the first quarter compared with the previous quarter, from 9.692-million in December 2016 to 9.644-million in March 2017, Statistics SA’s quarterly employment statistics report showed on Tuesday. The economy is officially in a recession, but the rand has been supported by global factors, including positive emerging-market sentiment and inflows into the local bond market. The greenback weakened ahead of US Federal Reserve chairperson Janet Yellen’s speech later on Tuesday after European Central Bank (ECB) president Mario Draghi painted an upbeat view of the European economy. ...
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