Cosatu noted that at least a quarter of employed workers earn less than R500 rand a month, according to the 1996 census, while half a million people have lost their jobs since 1994. The privatisation of state assets has also put the federation and government at loggerheads. Various options available. European bourses got a shot of holiday cheer on Wednesday, with Frankfurt and Paris hitting record highs after the US central bank left interest rates on hold. Most European stocks climbed steeply in early trade, encouraged by gains in New York and Tokyo largely on the strength of the Federal Reserve's decision at its meeting on Tuesday not to raise rates and maintain a neutral policy stance.
Economists are mixed about how to read the data.
It is worse than we had been looking for. PSG Investment Bank's Noelani King agrees the figures are worse than expected, but says there's nothing to be concerned about. They add fuel to the belief that interest rates will start to move higher in the latter half of next year. However, other analysts including Nedcor's Kevin Lings, says the data's what was expected. This number is pretty much in line with expectations.