97 000 jobs have been lost between March 2022 and March 2023.
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GUEST – Koketso Mano, FNB Senior Economist
Employment in the formal non-agricultural sectors of the economy, as shown by the Quarterly Employment Survey, contracted by 21 000 jobs or -0.2% q/q in 1Q23. Many of jobs shed were in trade, in line with post-festive season layoffs. Relative to a year ago, employment has fallen by 97 000 jobs or -1.0%, reflecting a weakening economy. Furthermore, the recovery in employment remains incomplete, with employment still lower by 259 000 or 2.5% compared to 1Q19.
Employment in the formal non-agricultural sectors of the economy, as shown by the Quarterly Employment Survey, contracted by 21 000 jobs or -0.2% q/q in 1Q23. Many of jobs shed were in trade, in line with post-festive season layoffs. Relative to a year ago, employment has fallen by 97 000 jobs or -1.0%, reflecting a weakening economy. Furthermore, the recovery in employment remains incomplete, with employment still lower by 259 000 or 2.5% compared to 1Q19.
