The metals and engineering sector contributed a fraction or 0.8% of growth to job creation in the first quarter (Q1), Statistics SA has revealed.
Following yesterday’s data set released as part of its Quarterly Labour Force Survey (QLFS) findings, Stats SA said 1 780 000 jobs had been created in Q1 compared to last year’s 1 766 000 new jobs for Q4 – the period directly preceding this year’s first three months.
According to Steel and Engineering Federation of South Africa (Seifsa), the relative uptick in job creation constitutes 14 000 new positions in its industry.
And although general consensus states that any job creation is better than neutral or no growth, the job market is still falling woefully short of making inroads into the 27% of employable people who can’t find work.
Data released by the International Monetary Fund also indicates that unemployment is actually edging upwards and could be close to 27.5% towards the end of the year.
Speaking after the QLFS announcement, Seifsa economist Marique Kruger said Stats SA’s figures “highlight the urgent need for targeted interventions to address the fundamental factors inhibiting job creation in South Africa”.
