Latest news with #QES
IOL News
25-06-2025
- Business
- IOL News
Fresh concerns over South African job market as employment drops
According to the Quarterly Employment Statistics (QES, Q1:2025) survey released by Statistics South Africa (Stats SA), total employment in the formal non-agricultural sector decreased by 74 000 (-0.7%) in the first quarter of 2025, with employment falling from 10.65 million in December 2024 to 10.58 million by March 2025. Image: Supplied The latest Quarterly Employment Statistics (QES) released by Statistics South Africa (Stats SA) for the quarter ended in March has raised significant concerns as the report reveals a downturn in employment figures, exacerbating fears about the health of South Africa's economy. According to the findings, a total of 74 000 jobs were lost in the first quarter of 2025, signalling a decrease of 0.7% from December 2024, where total employment stood at 10 653 000, dipping to 10 579 000 by March. The decline is largely attributed to substantial job losses in key sectors, including trade, which saw a steep reduction of 52 000 positions, and community services, which lost 17 000 jobs. The mining sector also contributed to this downturn, shedding 4 000 jobs, while business services, construction, and electricity reported minor losses. Notably, the transport industry remained static throughout this period, while manufacturing experienced a slight increase, gaining 2 000 jobs. Matthew Parks, spokesperson for the Congress of South African Trade Unions, they were concerned about the figures. 'Whilst there is normally an increase in jobs in the last quarter of each year as the festive season occurs and the retail and hospitality sectors experience a boom; this decrease in employment is nonetheless extremely worrying. The government must accelerate its efforts, working with business and labour, to rebuild the State,' Parks said. Video Player is loading. 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Next Stay Close ✕ Stats SA also highlighted a year-on-year decrease, with total employment falling by 95 000 or 0.9% between March 2024 and March 2025. The report indicated that full-time employment specifically dropped by 55 000 or 0.6% quarter-on-quarter, painting a grim picture of the job landscape. Economists have responded similarly, with Lara Hodes from Investec noting the stark figures from the formal sector, where employment (excluding agriculture) fell by 0.7% on a quarter-on-quarter basis. "Quarter-on-quarter declines were logged in 6 of the 8 industries included in the survey, with the outcome indicative of a lacklustre economy. Economic growth rose marginally in the first quarter of the year as the economy continues to face a number of challenges, with weak business confidence, weighing on investment potential," Hodes said. Dr Elna Moolman, Standard Bank Group head of South Africa Macroeconomic Research, said that part of the weakness in the labour market was due to weakness in the economy this year. 'This stems from policy and political uncertainty both locally and globally. Unfortunately, this hardly improved in the second quarter and so the near-term numbers will remain weak," Moolman said. "We do however expect some economic growth in the second half of the year and that should lead to an improvement in the labour market.' Casey Sprake, economist at Anchor Capital, echoed the sentiments, saying the softness in the labour market mirrored broader economic stagnation amid persistently weak business confidence, policy uncertainty, and low fixed investment. 'Structural reforms, particularly those under the newly launched Operation Vulindlela II, must urgently gain traction if South Africa is to shift from stagnation to inclusive, job-rich growth,' she said. North-West University economics professor, Waldo Krugell, also said this mirrored what the economic growth numbers for the first quarter and the Quarterly Labour Force Survey. 'The economy hardly grew in the first quarter and the unemployment rate has increased. The QES confirms the job losses in the formal sector and the numbers are worrying," Krugell said. "I won't attribute too much of this to international uncertainty and the trade wars. This has more to do with slow growth due to a loss of business confidence and too slow domestic reform.'
IOL News
25-06-2025
- Business
- IOL News
Youth employment figures tell a different story of a hustling generation
Youth unemployment rates mask a generation of under-employed innovators Image: File As South Africa grapples with staggering employment statistics, the latest Q1 2025 Quarterly Employment Statistics (QES) from StatsSA paints a grim picture. Full-time employment decreased by 0.6% quarter-on-quarter, but the alarming 44.6% youth unemployment rate conveys only part of a much larger narrative. Emerging data, notably the newly released Gen Z Economy Report, indicates that this generation is not idle; they're thriving within an underemployment reality. Student Village, in collaboration with futurist and economist Bronwyn Williams of Flux Trends, recently released 'The Gen Z Economy Report: Cash, Culture and Clout,' shedding light on the dynamic activities of South Africa's young workforce. Rather than falling victim to the traditional labels of unemployment, young South Africans are tapping into their creativity and resourcefulness to redefine what it means to participate in the economy. 'Only 16.6% of Gen Zs identify as unemployed,' says Ronen Aires, CEO of Student Village. 'They are participating in the economy — just not in the conventional ways captured by official data.' Based on responses from over 900 South Africans aged 18 to 30, the report draws attention to a generation marked by financial pressures yet defined by impressive grit and determination. Instead of traditional job roles, today's youth are steering their careers in fresh directions. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Ad Loading From creators and freelancers to micro-entrepreneurs and influencers, they are blending learning with gig work to build diverse income streams, thus crafting economic agency in an environment that increasingly narrows traditional pathways. Yet, outdated metrics continue to label them as 'NEETs' (not in education, employment or training)—a narrative that is misleadingly simplistic. 'When data misses the nuance, policies and strategies do too,' Aires asserts. 'And when businesses, employers, and institutions rely on incomplete pictures, they risk missing out on one of the most agile and driven generations yet.' Key findings from the Gen Z Economy Report reveal: Side hustles are the main income source for 21.7%, followed closely by parental support (20%) and NSFAS grants (17.5%). Most Gen Zs earn below R5,000 per month, yet 90.5% are saving regularly, indicating a strong desire for financial security despite low income. Emergency savings (25.75%) and education (19.83%) dominate their saving habits, reflecting both uncertainty and aspiration. This generation prioritises financial independence, ethical values, and seeks personalised, digital-first experiences from businesses. Nearly 30% are exploring cryptocurrency and alternative investments, showing a cautious yet innovative approach to finance.
