TRADE ENVIRONMENT Employment
Lies, damned lies and the jobs report
During his State of the Nation speech, the Pres announced a target of 2 million jobs by 2030, a number certain gloomy economists say we are going to battle to meet if StatsSA’s recent Quarterly Labour Force Survey is worth the paper it’s printed on. While total employment was up by over 6,300 jobs per month YoY for the quarter through March, this falls 10,000 jobs short of the target. While the mining sector gained 6,000 jobs, transport lost 3,000, trade 8,000 and construction 1,000. In fairness to the economists and their gloom, the numbers are confusing at best, seeming to indicate that while employment overall is increasing, with 76,000 more people employed in the formal economy since March last year, this growth is far outstripped by the increase in the number of job seekers. Comment: A silver lining here is the continued existence of StatsSA, which may not always deliver good news, but gives us the numbers we need to make sense of our economy, timeously and accurately.