Wednesday, July 29, 2009

South Africa bleeding jobs

Ok, so you know how I feel about that un-august body StatsSA in yesterday's post about the population guesstimate. Bloody useless. They've now also released some numbers on the jobs front and it's not good. Should we take these figures seriously? Maybe. Unlike determining population size, jobs is something perceptible, we can sense if there is some truth to it because we interact with the jobbed and jobless.

I wager the situation is far more dire than is being let on. Remember it was only a few months ago that then Finance Minister Manuel was telling us that South Africa had missed the global recession and/or was well placed to handle the coming financial tsunami. Well, was it, "well placed"?

I know people who've been in business for twenty years or more that say work has literally dried up and they're having to dig deep to keep head above water. They say it's never been so bad. The protests we see are also a symptom of these massive job losses. The so-called "growth" of the last 15 years used to demonstrate that blackie could do the job of managing Africa's largest economy just as well as whitey was actually a false economy, no jobs were created, no value was added, jobs and wealth were simply transferred from whites to blacks. Look at the decrease in the white population in yesterday's post.

It was smoke and mirror stuff, the world was on an up anyway and the ANC rode the illusion that it was "creating" a new black middle class. Meanwhile, one million skilled South Africans left the country and now you are left with a problem so severe I fear there is no way out simply because you lack enough human capital to fight your way out. So expect more civil unrest.

To contrast real value, take Australia for example. It is the only advanced economy that missed the global recession, shed the least amount of jobs, and is already on the way to recovery, the economy picking up good steam. Why is that? Oh yes, it is run by whites.

Related:
COSATU alarmed at jobs stats [then call off the strikes costing the country millions!!]

Tsunami about to hit South Africa

Financial Meltdown May Lead to Social Meltdown

***

Economy sheds close to half a million jobs over the past six months.

The South African economy shed a further 267,000 jobs between the first and second quarters of 2009. This is according to the recent Quarterly Labour Force Survey released by Statistics South Africa on Tuesday. The survey found that, in that period, 93,000 jobs had been lost in the formal sector, 41,000 in the informal sector, 28,000 in agriculture, and 105,000 from private households.

The unemployment rate increased only slightly - from 23,48% to 23,58%. This was because of a massive - 302,000 - increase in the number of discouraged job seekers.

Over the past two quarters the South African economy has shed close to half a million jobs (475,000.)


Table: Key findings of latest Labour Force Survey

Jan-Mar 2008 April-June 2008 Oct-Dec 2008 Jan-Mar 2009 April-June 2009 Qrt to Qrt change Year-on-year change

Thousand
Population 15-64 yrs 30608 30705 30894 30987 31080 93 375
Labour force 17814 17844 17718 17820 17495 -325 -349
Employed 13623 13729 13844 13636 13369 -267 -360
Formal sector (Non-agricultural) 9342 9415 9537 9449 9356 -93 -59
Informal sector (Non-agricultural) 2319 2340 2246 2150 2109 -41 -231
Agriculture 799 790 764 738 710 -28 -80
Private households 1163 1185 1298 1299 1194 -105 9
Unemployed 4191 4114 3873 4184 4125 -59 11
Not economically active 12794 12861 13176 13166 13585 419 724
Discouraged work-seekers 1177 1079 1168 1215 1517 302 438
Other (not economically active) 11617 11783 12008 11951 12068 117 285
Unemployment rate 23.53% 23.06% 21.86% 23.48% 23.58% 0.10% 0.52%

Source: Statistics South Africa, Quarterly Labour Force Survey, Quarter 2 2009

3 Opinion(s):

Anonymous said...

The stats are all bollocks!

Anonymous said...

Good to see a large number of those losses were from the 'meddem' getting off her fat arse to do the housework herself after hubby got downsized.

About time we started doing it ourselves... It gets done right the first time, with no rework or broken equipment in a quarter of the time and the savings in sugar use alone is staggering.

We have NEVER needed these monkeys.

We will NEVER need these monkeys.

Throw them off your backs whitey!!!

Doberman said...

@ anon 8:18, hear hear! C'mon people, just try it! Imagine that money in your pocket, plus the savings from stuff not going missing or broken.