The scariest number from the Adcorp Employment Index

On Monday, Adcorp released its Employment Index for the month of October 2012. There were a number of positives to be taken from the index including the fact that employment increased in October, growing at an annualized rate of 1.0%. During the months of September and October, the economy added 41971 jobs, partly reversing the decline of 82431 jobs observed in the four-month period between May and August 2012.

As the index below shows, formal employment has been relatively resilient in 2012, but remains well off its historical highs.

However as a recent graph from the Mckinsey Global Institute points out that the agriculture sector should provide some of the most stable jobs in Africa. It’s quite clear from the Adcorp statistics that we are not creating these and this should be a source of concern for policy makers across South Africa.

 

SOURCE: Adcorp Employment Index October 2012

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