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Sasol earnings are up, but SA's job figures are down
Sasol's 27% rise in full-year earnings comes on the back of cost cuts and higher oil and product prices which helped offset the impact of a strong rand. Sasol is investing heavily in growth, having recently bought two shale gas interests in Canada to boost its gas portfolio and secure feedstock.
Less encouraging news is that - according to the Adcorp Employment Index - employment declined at an annual rate of 2.1% (representing a loss of 49306 workers) during August - the fourth consecutive monthly decline.
"Adcorp considers that one of the prime reasons for the nation's dismal employment picture is that government is crowding out private sector participation in the economy. Hence, while overall employment declined in August, employment by government continued to rise by a notable 6.2%", said Loane Sharp, Adcorp's labour market analyst. He added that the public sector now accounted for all the job creation in the economy for 2011 as a whole.
Read the full article on www.businesslive.co.za.
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