rates<\/span> rose.<\/p>\nThe QLFS showed that the steepest losses in jobs were experienced in finance (-80,000), private households (-36,000), and mining and agriculture (-1,000 each).<\/p>\n
Economists at Nedbank said that although the decrease in employment is encouraging, considering the economic challenges faced by South Africa, job creation is still lower than what was seen in Q2 2022.<\/p>\n
\u201cThe manufacturing sector created the highest number of jobs, bouncing back significantly from a decline in the second quarter. These gains also occurred amid extensive power disruptions. Employment also increased in construction, trade, and community and social services, but the number of jobs added by these industries was lower than in the second quarter,\u201d Nedbank said.<\/p>\n
Nedbank also said that the outlook for the job market remains uncertain, given the prevailing headwinds.<\/p>\n
\u201cBusiness confidence deteriorated further, with the RMB\/BER Business Confidence Index remaining below the neutral 50-level for the sixth consecutive quarter in the fourth quarter, falling to 38 \u2013 its lowest since the second quarter of 2021.<\/p>\n
\u201cThe deterioration reflected a combination of global and local unfavourable factors. Internationally, the key concern is the impact of slowing global growth which will hamper the performance of export-orientated industries,\u201d the bank said.<\/p>\n
Locally, adverse labour market conditions, including frequent labour strikes, high wage demands, high inputs costs and power shortages, continue to discourage private sector investment, constraining job creation.<\/p>\n
According to central bank deputy governor Rashad Cassim, South Africa\u2019s economy needs to expand consistently at 5% for years to create jobs and lower an unemployment rate that\u2019s among the world\u2019s highest.<\/p>\n
For an economy that expanded at an average rate of 1% in the past decade \u2013 and is hampered by rolling electricity outages, labour unrest and transport bottlenecks \u2013 accelerating growth to 5% may be a challenge.<\/p>\n
Going from a 1% economy to 3% isn\u2019t rocket science for South Africa, said Cassim. \u201cUnfortunately, 3% gets the economy going, but it will not bring the unemployment down. We need systematic 5% growth every year to get unemployment down, which is a different debate.\u201d<\/p>\n
PSG Wealth CIO Adriaan Pask added that to\u00a0ensure an upward trend\u00a0in<\/span> employment, the private and public sectors must accelerate the implementation of structural and pro-business reforms to unlock investment, reduce costs and increase competitiveness and growth, which will go a long way in<\/span>\u00a0creating sustainable employment.<\/p>\n
\nRead: 29 jobs in South Africa that pay R2 million or more a year<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"Although South Africa’s unemployment rate decreased in Q3 2022, there are still provinces with a rate of more than 50%, and the reality of the situation remains bleak. <\/p>\n","protected":false},"author":10,"featured_media":650217,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[26],"class_list":["post-650185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/650185","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=650185"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/650185\/revisions"}],"predecessor-version":[{"id":670457,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/650185\/revisions\/670457"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/650217"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=650185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=650185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=650185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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