Wednesday, May 5, 2010

The Poor are Getting Poorer


In the news today, somewhere between the mysterious death of a strip club owner and the ongoing corruption trial of our former top cop, you will find some alarming stats pertaining to the unemployment rate.

Despite all indication that the economy is recovering, the unemployment rate climbed from 24,3% to 25,2%, this according to Statistics SA. In the first quarter 171 000 jobs were shed, predominantly in economy's main sectors, construction, finance, trade and manufacturing.

While 171 000 is a staggering figure, this was always to be expected, particularly in the construction sector at time when massive project’s such as Stadium development and airport upgrades, were scheduled for completion.

The economic recovery is a clear indication that people are spending again. It is a period of the year when many middle income earners will have recently received a pay increase, and one senses that for them there is renewed sense of job security.

Sadly what these figures tell us, is that the poor are getting poorer.

Ernest Roper
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