Manufacturing sector becomes largest creator of formal jobs in Q3

According to data released by the NBS for the last quarter, 349,343 new jobs were created in the economy in the third quarter of 2014. In Total, up to 849,567 new jobs have been added this year as at the third quarter of 2014, dropping marginally by 5.4 percent from the 898,064 jobs created in the corresponding quarter of 2013.

Of the total new jobs created, the informal sector accounted for 62.7 per cent, the formal sector 35.3 per cent, and the public sector 1.94 per cent.

New formal jobs in the economy fell by 9.3 per cent in the last 12 months from 331,123 in the third quarter of 2013 to 300,237 in the third quarter of 2014.

Government contribution to new jobs also fell this year by 78 percent from an 8.8 percent contribution in Q3 2013.

Informal jobs however grew by 9.7 per cent.

Sectorial dissection showed that manufacturing was the largest employer of new labour, accounting for 54,446 or 37.4 percent of new jobs created in the third quarter. The second largest employer of new labour was the Human Health and Social Services Sector, accounting for 30,237 jobs or 20.7 percent of new jobs.

Education was the third largest contributor to new jobs, with a share of 21,154 jobs or 14.5 per cent, falling by 60.7 per cent, while Wholesale and Retail Trade contributed 10.5 per cent or 15,286 to new jobs created in Q3 2014.

The contribution of manufacturing grew by 164.8 percent from its 14.1 percent contribution in Q2, and a 157.9 percent rise from Q1 this year.

Human Health and Social Services’ contribution of 20.8 per cent also rose by 81.25 percent from its contribution in the preceding second quarter.

Staff cadre of new formal jobs created include: managerial, professionals and technical workers 26.6 per cent; operatives 33 per cent; clerical and related office workers 15.6 per cent; apprentices 15.7 per cent; and unpaid workers 2.4 per cent.

Employers hired for various reasons such as business expansion (24.3 percent), new skill required for office (6.72); filling a position vacated by an ex-employee (38.1 percent); to ease work burden on existing staff (18.9 percent).

EDOZIE IFEBI