IN CONVERSATION WITH KOKETSO MANO, FNB SENIOR ECONOMIST
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According to the latest figures from the Quarterly Employment Statistics report released by Statistics South Africa (Stats SA), employment in this sector rose slightly by 12 000 jobs, bringing the total to 10.64 million by December 2024.
Employment in the formal non-agricultural sectors of the economy, as reflected in the Quarterly Employment Survey (QES), increased by over 12 000 jobs, or 0.1% q/q in 4Q24. Most of the jobs created were in trade, while the community services sector continued to shed jobs. Compared to 4Q23, over 90 000 jobs (0.8%) have been lost but over 330 000 jobs have been added since 4Q19. There were 10.6 million workers in the formal economy in 4Q24.
Job gains were recorded in trade (42 000 or 1.8% q/q), followed by business services (22 000 or 0.9%), transport (2 000 or 0.4%), and electricity (1 000 or 1.6%). Meanwhile, losses were recorded in community services (-26 000 or -0.9%), construction (-13 000 or -2.1%), manufacturing (-13 000 or -1.0%), and mining (-3 000 or -0.6%).
Full-time jobs increased by 10 000 q/q but were 26 000 lower than a year ago. Most of the jobs added in business services and trade, as well as those lost in construction and manufacturing, were full-time jobs. Part-time employment increased by 2 000 jobs q/q but were down by 65 000 jobs compared to 4Q23. While trade added part-time jobs between 3Q24 and 4Q24, most of the jobs lost in community services were on a part-time basis. There were under 1.2 million part-time workers and under 9.5 million full-time workers in 4Q24.
Total gross earnings increased by 6.1% q/q and 3.6% y/y. Notably, earnings were 30.0% higher than 4Q19 levels, beating inflation of 26.9%. Basic salary/wage payments were higher by 1.1% compared to the previous quarter, and 4.0% higher than 4Q23. Average monthly earnings (including overtime and bonuses) were down by 0.2% q/q but 5.3% higher than a year ago.
Employment in the formal non-agricultural sectors of the economy, as reflected in the Quarterly Employment Survey (QES), increased by over 12 000 jobs, or 0.1% q/q in 4Q24. Most of the jobs created were in trade, while the community services sector continued to shed jobs. Compared to 4Q23, over 90 000 jobs (0.8%) have been lost but over 330 000 jobs have been added since 4Q19. There were 10.6 million workers in the formal economy in 4Q24.
Job gains were recorded in trade (42 000 or 1.8% q/q), followed by business services (22 000 or 0.9%), transport (2 000 or 0.4%), and electricity (1 000 or 1.6%). Meanwhile, losses were recorded in community services (-26 000 or -0.9%), construction (-13 000 or -2.1%), manufacturing (-13 000 or -1.0%), and mining (-3 000 or -0.6%).
Full-time jobs increased by 10 000 q/q but were 26 000 lower than a year ago. Most of the jobs added in business services and trade, as well as those lost in construction and manufacturing, were full-time jobs. Part-time employment increased by 2 000 jobs q/q but were down by 65 000 jobs compared to 4Q23. While trade added part-time jobs between 3Q24 and 4Q24, most of the jobs lost in community services were on a part-time basis. There were under 1.2 million part-time workers and under 9.5 million full-time workers in 4Q24.
Total gross earnings increased by 6.1% q/q and 3.6% y/y. Notably, earnings were 30.0% higher than 4Q19 levels, beating inflation of 26.9%. Basic salary/wage payments were higher by 1.1% compared to the previous quarter, and 4.0% higher than 4Q23. Average monthly earnings (including overtime and bonuses) were down by 0.2% q/q but 5.3% higher than a year ago.