More jobs lost in the formal economy in 1Q24
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GUEST - Koketso Mano, FNB Senior Economist
Employment in the formal non-agricultural sectors of the economy, as reflected in the Quarterly Employment Survey, contracted by over 60 000 jobs or -0.6% q/q in 1Q24. Many of the jobs shed were in trade and it was more than just post-festive layoffs of part-time workers. Compared to 1Q23, 70 000 jobs (0.6%) have been lost but over 400 000 jobs have been added since 1Q19. The latest estimates reflect 10.7 million workers in the formal economy.
Job losses were recorded in trade (-57 000 or -2.4% q/q), followed by community services (-18 000 or –0.6%), business services (-4 000 or -0.1%), and mining (-3 000 or -0.5%). Meanwhile, employment gains were recorded in manufacturing (13 000 or 1.0%), followed by transport (2 000 or 0.5%).
Full-time jobs declined by 29 000 q/q and 16 000 or 0.2% y/y. Most of the jobs lost in trade and community services and those added in manufacturing were full-time jobs. Part-time employment decreased by 38 000 or 3.1% q/q and 58 000 have been lost compared to 1Q23 (-4.7%). There were approximately 1.2 million part-time workers and 9.5 million full-time jobs in 1Q24.
Employment in the formal non-agricultural sectors of the economy, as reflected in the Quarterly Employment Survey, contracted by over 60 000 jobs or -0.6% q/q in 1Q24. Many of the jobs shed were in trade and it was more than just post-festive layoffs of part-time workers. Compared to 1Q23, 70 000 jobs (0.6%) have been lost but over 400 000 jobs have been added since 1Q19. The latest estimates reflect 10.7 million workers in the formal economy.
Job losses were recorded in trade (-57 000 or -2.4% q/q), followed by community services (-18 000 or –0.6%), business services (-4 000 or -0.1%), and mining (-3 000 or -0.5%). Meanwhile, employment gains were recorded in manufacturing (13 000 or 1.0%), followed by transport (2 000 or 0.5%).
Full-time jobs declined by 29 000 q/q and 16 000 or 0.2% y/y. Most of the jobs lost in trade and community services and those added in manufacturing were full-time jobs. Part-time employment decreased by 38 000 or 3.1% q/q and 58 000 have been lost compared to 1Q23 (-4.7%). There were approximately 1.2 million part-time workers and 9.5 million full-time jobs in 1Q24.
