The latest Quarter 3 2024 Quarterly Labour Force Survey (QLFS) presents encouraging signs for South Africa’s labour market, highlighting substantial job creation in the Western Cape and the resilience of the agricultural sector. In a period marked by global economic challenges, both government and private sector leaders have responded positively to the latest employment data. This article delves into insights shared by the Western Cape Government and Nedbank on the implications of the survey.
The latest Quarter 3 2024 Quarterly Labour Force Survey (QLFS) presents encouraging signs for South Africa’s labour market, highlighting substantial job creation in the Western Cape and the resilience of the agricultural sector. In a period marked by global economic challenges, both government and private sector leaders have responded positively to the latest employment data. This article delves into insights shared by the Western Cape Government and Nedbank on the implications of the survey.
Western Cape Sets the Pace in Job Creation
The Western Cape continues to lead South Africa in job creation, adding an impressive 75,000 jobs between Q2 and Q3 of 2024. The province now boasts the highest Absorption Rate in the country at 54.2% and shares the highest Labour Force Participation Rate at 67.4%. These metrics highlight the Western Cape’s capacity to integrate new jobseekers into the economy, despite broader national and global economic challenges.
Reacting to the report, Premier Alan Winde expressed his satisfaction, emphasizing that job creation is about more than just numbers. “Every job added to the economy is a lasting investment in the safety, well-being, and dignity of our residents,” said Winde. He credited initiatives like the SMME Booster Fund and the Red Tape Reduction Unit for driving growth by supporting small businesses and entrepreneurs.
Winde acknowledged that while progress has been made, more work is needed to sustain economic growth. “These numbers are particularly encouraging as we approach the festive season, which traditionally brings more job opportunities with increased tourism,” he noted.
Ivan Meyer, the Western Cape’s Minister of Agriculture, Economic Development, and Tourism, echoed these sentiments, highlighting the impact of the province’s ‘Growth for Jobs’ strategy. “Our focus remains on creating sustainable economic opportunities. Our investment pipeline, exports, and increase in tourism numbers are creating business and investment confidence,” Meyer emphasized.
He further explained that, “Good governance and a clear focus on infrastructure investment are paying off. These efforts are not only driving job creation but also strengthening the resilience of our local economy. We are committed to leveraging these gains to create even more opportunities for the citizens of the Western Cape. As we continue to grow our exports and attract investments, our province is positioned to remain a frontrunner in economic development.”
Nedbank’s View on Agriculture: A Sector of Resilience
From the perspective of the private sector, Daneel Rossouw, Head of Sales: Agriculture at Nedbank Commercial Banking, offered insights into the agricultural sector’s performance. According to the QLFS, agriculture experienced a net gain of 39,000 jobs compared to Q2 2024 but faced a loss of 21,000 jobs year-on-year compared to Q3 2023.
The agricultural sector currently employs around 900,000 people, according to the QLFS, which remains well above the historical average of 793,000 jobs reported in 2023. Despite challenges like energy supply constraints, infrastructure bottlenecks, and port inefficiencies, the sector continues to demonstrate resilience.
Rossouw emphasized that addressing these structural issues is crucial for unlocking agriculture’s full potential. He urged for the prioritization of the Agriculture and Agro-processing Master Plan to drive medium to long-term growth and create additional employment opportunities. “The implementation of this plan will be vital for ensuring agriculture’s sustained contribution to GDP and job creation,” Rossouw concluded.
The positive reactions to the Q3 2024 Labour Force Survey from both the Western Cape Government and Nedbank reflect a shared optimism about the future. By focusing on reducing barriers for businesses, investing in key sectors like agriculture, and driving economic growth through strategic initiatives, both entities are committed to creating more jobs and fostering resilience.
As South Africa navigates a challenging economic landscape, the Western Cape’s leadership in job creation and the agricultural sector’s ongoing contribution to employment are bright spots that inspire confidence. With continued collaboration between the government and private sector, there is hope for sustained economic growth and job creation in the months ahead.