This led to a gradual but dramatic decline in the Bank’s transactions in the bullion market. Notwithstanding this, the Bank continues to be keenly interested in the health of the bullion market. This is by virtue of South Africa’s significant gold reserves both in the vaults and underground.
However, to the extent that firms are able to find further cost-cutting measures as output expands, they may delay hiring. Other factors will affect near-term employment growth as well. Business confidence in the durability of the expansion, for example, will help determine employers' willingness to hire.