Today's Labour News

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Stats SABL Premium reports that formal-sector, non-farm jobs saw cuts across all industries during the second quarter, while people who stayed employed saw their pay fall sharply as much of the economy came to a near standstill under the most severe levels of the coronavirus lockdown.  

Quarterly employment statistics (QES) released by Stats SA on Thursday showed that these jobs fell by 6.4% quarter-on-quarter to just more than 9.5-million, the lowest level since the third quarter of 2015, while the annual decline was 6.6%.  The declines were felt across all industries and on both a part-time and full-time basis, though trade and business services were the worst hit.  The QES showed that workers’ gross earnings, before tax or other deductions, fell by R82.2bn, or 11.3%, while on an annual basis the decline was 9%.  The construction, trade and manufacturing sector experienced the sharpest declines.  Though recent economic data has pointed to a recovery from the second-quarter shock in some sectors, such as mining, consumer and business confidence languish near record lows, while the outlook for the labour market is clouded by uncertainty.  Meanwhile, recent data from the SA Reserve Bank showed that households’ real disposable income dropped 49.7% in the second quarter as employees’ pay shrank amid job losses and reduced salary payments during the lockdown.

  • Read the full original of the report in the above regard by Lynley Donnelly at BusinessLive (paywall access only)

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