Thursday, October 29, 2009

'Job losses to exceed a million'

SHOOT: Not to worry, the economy is on track to 'recover' and companies will soon turn a profit again, as soon as they can dismiss enough employees to cut their overheads.
clipped from

Johannesburg - Job losses could exceed the one million mark for 2009 by the
fourth quarter of the year, trade union Solidarity said on Thursday.

This followed the release of Statistics SA's quarterly Labour Force Survey which showed that the official jobless rate had increased from 23.6% to 24.5% in the third quarter of 2009.

"More than 770 000 employees in South Africa have lost their jobs in the past 12 months, since the start of the economic downswing in the third quarter of 2008," the trade union said in a statement.

He said although there were signs of economic revival, many retrenchment processes still needed to be finalised and would therefore only be reflected in the statistics of the coming months.

The survey showed that the manufacturing and retail sectors were
particularly hard hit in the third quarter.

"Nearly 150 000 job losses were recorded in the manufacturing
sector in the third quarter, while 194 000 job losses were recorded
in the past 12 months.

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