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Job creation drops by 69% in three months

By on August 23, 2015

The National Bureau of Statistics on Friday released its job creation report for the second quarter of 2015, stating that the economy created a total of 141,368 jobs within the period.

The bureau, in the report, stated that the number of jobs created in the second quarter was however 69.9 per cent or 327,702 lower than the 469,070 jobs created in the first quarter of 2015.

The report did not give reasons for the drop in employment created within the second quarter.

It said, “In the second quarter of 2015, the total number of jobs created in the economy was 141,368 jobs, this is a decline of 69.9 per cent (327,702) over the number of jobs in the preceding quarter and 45.5 per cent less than the total number of jobs recorded in the same period of 2014.

“In the formal sector, 51,070 new jobs were generated, representing 36.1 per cent of total jobs generated in the second quarter of 2015. This is a decline of 61.6 per cent (79,871) jobs when compared to the first quarter of 2015 and a 35.2 per cent decline when compared to the same period in 2014.

“In the public sector of the economy, there was a 11.7 percent (669) increase in the number of jobs created making 6,395 new jobs generated in the public sector in the 2nd quarter of 2015, the jobs generated in the public sector represents 4.5percent of the total jobs generated during the reference period.”

Under informal jobs, which typically consists of jobs generated by individuals or businesses employing less than 10 or those businesses operating with little or no structures, the report said an estimated 83,903 new jobs were created in this sector.

This, it noted represents a decline of 74.8 per cent over the 332,403 new jobs created in the first quarter of 2015;

 

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