SA Formal Sector Boosts Jobs in Various Sectors
Published By : 24 Mar 2015 | Published By : QYRESEARCH
The formal sector in South Africa created immense jobs in the final quarter of 2014. Much of this growth in the job segment was due to the seasonality, reported the quarterly employment statistics survey in SA on Tuesday.
The total formal non-agricultural employment grew by 42,000 jobs from a value of 8.947 million people. The statistics of this figure were recorded for the third quarter to 8.989-million in the fourth quarter of 2014.
Most of the jobs were created by the retail and wholesale trade. Other jobs were from motor cycles, motor vehicles, and personal and household goods. Sectors such as the financial intermediation, hotels and restaurants industry, insurance, transport, real estate, storage, business services industry and communication industry also created immense job opportunities in South Africa.
Also, the personal services, social, and the community industry along with the manufacturing industries added around 1,000 jobs each. The jobs that did not carry much value were construction industry (10,000 jobs) as well as the mining industry reporting 6,000 jobs.
In addition, the gas and water supply and electricity industry also did not report any change.
According to the survey, around 20,000 jobs were lost in the forecast period December 2013 and December 2014. The value decreased to an annual reduction of 0.2%.
One of the largest declines was by the manufacturing industry – 31,000 jobs (decline). The industry witnessed weak commodity prices, slow global and domestic demand, and strikes over the past few years.
The total earnings paid to the employees in the non-agricultural sector were R499bn. It reflected a quarterly increase of R34.6bn.
The increase in the fourth quarter was R9.3bn in business services industry, financial intermediation, real estate and insurance. In the manufacturing industry it was R7.8bn. In the wholesale and retail trade, repair of motor vehicles, hotels and restaurants industry, motor cycles, household goods and personal it was R6.4bn. Lastly, it was R4bn in the social, community, and personal services industry.