41 000 jobs created in SA between March and June

By Staff Writer
According to Statistics South Africa, 41 000 new jobs were created during March and June of 2010. This is a sign that the country's lowest interest rates in over three decades are having a positive impact on the economy.

Banks, insurance companies, the real estate sector and the accounting profession were the front runners with job creation by creating 25 000 new jobs.

During the 2009 recession, one million people lost their jobs while a further 77 000 were let go at the start of 2010 but it seems as if though the tide is finally turning.

Kevin Links, an economist at Stanlib, explains: "We are seeing a little more consumer activity, a little bit more business activity, we know the economy has now been growing for a couple more quarters so I think the low interest rates are helping, businesses are expanding and at the margin just employing a few more people."

The manufacturing sector is however, still suffering and 17 000 have lost their job in this sector, something which could be attributed to the strong rand.

"It is hurting our exports at a time when we need export activity and I think more importantly it is hurting us as goods come into South Africa and compete against our own productive base, so ideally we need the rand to be weaker," says Links.

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