Wednesday, September 23, 2009

Job Losses Deal Major Blow to New Black Middle Class

Job losses in South Africa are being seen as causing major hardships within the country's black middle class. Because this group is a relatively new concept, the downturn in the economy is having a larger impact than expected, according to analysts.

The Bureau for Market Research's (BMR's) analyst Carel van Aardt said last week that the 475000 job losses are likely to have affected most of those black South Africans earning between R100000 and R300000 a year.

"First indications are that a lot of the gains in living standards between 2000 and last year, particularly in the African group, have been seriously impacted on," Van Aardt said last week.

South Africa: Recession Has Exposed Frailties of Black Middle Class
AllAfrica.com
September 21, 2009