Making Sense Of SA’s Labour Market In The Midst Of COVID-19 – Nedbank Study

STAFF REPORTER

BANKING group Nedbank has revised is jobs bloodbath forecast released earlier this year, citing a heavy dependence of its modelling on Gross Domestic Product (GDP) and the lack of clarity of how many of those who are currently out of employment will be locked out permanently.

Nedbank also seem to have expected a hard Lockdown to be in place much longer than it was till the end of May.

Ahead of Workers Day this year, Nedbank said that 1.6 million jobs were going to be shed this year and it would take over three years for jobs to reach their pre- COVID crisis peak.  

In the period ever since, more employment statistics have been released and Nedbank has now revised its grim forecast.

“We now expect around 500 000 jobs to be shed this year and for jobs to reach their pre-crisis peak in the second half