Jobs losses soar amid slow production

Financial experts have warned of slower production and further job losses in the next three...

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Financial experts have warned of slower production and further job losses in the next three months as Statistics <?xml:namespace prefix="st1" ns="urn:schemas-microsoft-com:office:smarttags"?><country-region w:st="on"><place w:st="on">South Africa</country-region> released the manufacturing output for November 2008.<?xml:namespace prefix="o" ns="urn:schemas-microsoft-com:office:office"?>

The figures showed a decline of 4,4%, with output at its lowest in a decade.

Some of the hardest hit industries were the steel, iron and motor vehicle sectors.

These were the same sectors that had retrenched thousands of workers in the past few months.

Investec Solutions’ Chris Hart said the situation could worsen before it gets better.

“The slow down with manufacturing will undoubtedly come with considerable job losses in the next month and then it will start to tail off as the economy starts to pick up."