South Africans can expect to see a continued loss of jobs when Statistics South Africa releases the Quarterly Employment Statistics later this week, while the Producer Price Inflation (PPI) is expected to ease for the month of August. The South African Reserve Bank is also expected to paint a gloomy picture of the country’s economy when it releases the lead indicator, an indicator of expected business conditions and economic development, later this week.
Economist Ian Cruickshanks has attributed the continued job losses to a lack of business building. He says the Quarterly Employment Numbers will confirm that the country is not on a growth path just yet.
According to Cruickshanks, the South African Reserve Bank is expected to confirm the country is headed to a low to no growth environment.
The Producer Price Inflation is expected to be marginally lower in August at 4.5% year-on-year from 4.9%. Cruikshanks said this is good news for consumer price inflation as PPI tends to ripple through to the inflation rate.
Stats SA will release Quarterly Employment Statistics and the Producer Price Inflation on Thursday while the South African Reserve Bank will also release the lead indicator on Wednesday.