Analysts say they expect employment to continue to decline in the third quarter of this year... Their comments come when Statistics South Africa (Stats SA) is preparing to release the Quarterly Labor Force Survey (QLFS) for the third quarter of this year on Tuesday.
Analysts say employment will continue to be under pressure due to pandemics and tremendous economic impacts. The unemployment rate rose 1.8% in the second quarter to 34.4%.
ABSA economist Miyaelani Maluleke says that recent power constraints and the impact of the Omicron variant are expected to put additional strain on businesses and employees alike. He says the unemployment rate is expected to reach 35% in the third quarter.
“We have to rebook in the negotiating council system and end the extension of wage agreements to non-parties not represented by the union. This is common. First of all, we need to consider the overall labor law and strike appropriately and professionally. We need to strengthen and strengthen our obligation to negotiate in good faith. “Maluleke said.
Drastic labor market reform
Labor analyst Andrew Levy said drastic labor market reforms are needed to increase employment.
“The various shocks we received would have made it difficult for us to recover from work. These shocks included the third wave of COVID-19 infection in South Africa and the turmoil in July. Therefore, we can’t expect a big improvement in this third quarter QLFS report. I think South Africa’s unemployment rate is likely to be around 35%, “says Andrew.
In the second quarter, both unemployed and discouraged job seekers increased, while the number of economically inactive people decreased by 380,000.
Statistics to announce the latest work figures on Tuesday South Africa:
Analysts expect unemployment to remain high prior to the release of Stats SA’s quarterly labor force survey-SABC News
Source link Analysts expect unemployment to remain high prior to the release of Stats SA’s quarterly labor force survey-SABC News