Job creation has picked up, but again remains sluggish. Statistics South Africa shows 123,000 jobs created from mid-year 2011 to mid-year 2012, about one third of which were in the public sector. The current level of formal sector employment is still about 60,000 less than that reached before the onset of the crisis.
8 See Benassy-Quere et al., “Reconciling Risk Sharing with Market Discipline”,CEPR Policy Insight, No 91, Centre  for Economic Policy Research. 7/7  BIS central bankers' speeches