SA Sheds 48,000 Jobs – Not long past, Statistics South Africa (Stats SA) announced that the country is in recession. It was a big deal. South Africans panicked but resolved to hope for brighter days.
While waiting for the economic hardship to slowly fade away, Stats SA showed up again with further bad news. This time, the country suffered job losses.
According to the latest employment figures Stats SA released – March 2017 Quarterly Employment Survey (QES) -, South Africa has shed 48,000 jobs in the first quarter of 2017.
Stats SA said an estimated 9,644,000 persons were employed in the formal non-agricultural sector of the South African economy. And, it reflects a net quarterly decrease of 48 000 employees between December 2016 and March 2017.
The decrease in employment was led by the trade industry with 32 000 employees, the business service industry with 23 000 employees, the community service industry with 8 000 employees, the manufacturing industry with 4 000 employees and the transport industry with 1 000 employees.
As learnt, the cause of the decrease in employment at the industries was the end of contracts for workers who were employed during the festive season.
SA Sheds 48,000 Jobs; Why You Must Be Worried
Reacting to the unpleasant development, the Economic Freedom Fighters (EFF) asserted that the whole country must be extremely worried.
The party upheld that the economic crisis of the country has ensured that “more and more people are losing an opportunity to put food on the table, roof over their heads and therefore reduced to poverty, in squalors and living on empty stomachs.”
As highlighted by the Fighters, the following are the reasons South Africans should be extremely worried about the job losses.
1. Government efforts are directed towards looting
EFF isn’t surprised about the country suffering more job losses. To them, it’s expected because South Africa’s economy has been languishing for a long time and in recession.
The Fighters blamed the ruling party (ANC) for the misfortune.
“…The governing party is occupied with factional battles, squabbles and a captured president who has delegated all constitutional decision-making powers to the Gupta family.
“There is no effort to enhance and harness economic growth to stimulate job opportunities. The government is hindered and all efforts are directed towards looting,” said the party.
2. SA is suffering from ideological and policy confusion
Disregarding the looting of state resources, the Fighters pointed out that South Africa is being punished by ideological and policy confusion which compound economic growth.
The confusion is the cause of the job loss crisis, EFF stated and buttressed thus:
“Because of neoliberal policies that prioritise maximum profits at all cost, when the economy deteriorates, companies prioritise payment of profits over jobs.
“Job cuts tend to be the first area for reducing companies cost because the capitalist system is not interested in any developmental or societal interest…
“This is illustrated by job losses suffered the most by trade and business services in an economy dominated by the financial sector.”
3. No good can come from Zuma
The President is only interested in destroying everything good about South Africa.
Beyond the recession, junk status and job loss crisis, he will collapse all form of governance, rule of law and state institutions.
He will do that in order to continue to loot billions of state funds and avoid facing his corruption, money laundering and fraud charges, EFF warned.
“It is now beyond reasonable doubt that under Zuma administration, South Africa is going to slide further to unimaginable economic calamities,” added the Fighters.
With that, the party urged South Africans to fight the “mafia and criminal syndicate” they have in the executive arm of government.
Meanwhile, March 2017 Quarterly Employment Survey isn’t all about unpleasant news. It recorded increase in employment at the construction industry with 12,000 employees and in the mining industry with 8,000 employees.