Today's Labour News

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employment thumb100 Business Report writes that the mammoth task facing President-elect Cyril Ramaphosa was laid bare on Tuesday with first quarter unemployment data reaching a near two year high as the ailing construction industry shed 146,000 jobs.  

Statistics SA reported that unemployment in the first quarter rose to 27.6% from 27.1% in the previous quarter.  Also, expanded unemployment (including people who have stopped looking for work) rose 1% higher from 37% in the fourth quarter of 2018.  The construction sector has buckled under the slowdown of construction activity largely due to a reduction in infrastructure investment by the public sector in the past few years.  FNB economist Siphamandla Mkhwanazi said the industry was likely to shed more jobs in the medium-term.  Construction companies have been on their knees since the 2010 infrastructure projects fizzled out.  Group Five, once an investor darling, last month filed for bankruptcy.  Industry giants Basil Read, Esor Construction and Liviero Group applied for business rescue last year.  Meantime, finance and other business services shed 94,000 jobs in the quarter, while community and social services let go of 50,000 workers.  Standard Bank in March announced its plans to close down 91 branches across the country, which might result in 1,200 people losing their jobs.

  • Read the full original of Kabelo Khumalo’s report in the above regard at Business Report
  • Read too, Unemployment rate goes through the roof, on page 6 of Sowetan of 15 May 2019
  • And also, Soaring joblessness weighs on Ramaphosa presidency, at BusinessLive


Get other news reports at the SA Labour News home page