Singapore sees worst case of job losses in 14 years

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Singapore has seen a total employment contraction of 8,500 in the first quarter of the year, resulting in a 14-year high in job losses for the Island republic.

Most of the job losses were registered in the construction and the manufacturing sectors.

This was revealed by Citi Research, which said this is the highest since the SARS epidemic in 2002-2003, saying the construction sector lead the decline, reporting 12,900 job losses.

This was made worst with a contraction of 4,400 jobs in the manufacturing sector due to a decline in Work Permit Holders.

Unemployment also edged up 2.3%, with resident and citizen unemployment unchanged at 3.2% and 3.5%.

However, services employment continued to grow at 8,700, though growth was slower than the first quarter of 2016 at 13,200.

Citi Research said this was due to stronger external demand in the past two-quarters that have yet to provide any meaningful uplift to labour demand.

Citi Research also said labour market pressure index edged down to levels not seen since 2009, adding that MAS may expect resident unemployment to see a possible rise to 3.5%.

“As such, a further uptick in unemployment in 2017 would likely be fully anticipated in MAS’s baseline projections, and we sense that MAS may implicitly expect resident unemployment possibly rising to 3.5% in 2017,” Citi Research said.

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20 comments

  1. Rick Zi says:

    This not forgetting those structurally jobless for over 6 months are considered retired or not looking for job, instead of being jobless.
    And meanwhile in US, they have lowest unemployment in 16 years.

    1. Akki Ranta says:

      I­ a­m c­r­e­a­t­i­n­g a­n h­o­n­e­s­t p­a­y o­n-l­i­n­e f­r­o­m h­o­m­e. ­I e­v­e­n h­a­v­e c­r­e­a­t­e­d $­1­9­7­2­8 i­n p­r­e­c­i­s­e­l­y m­y l­a­s­t m­o­n­t­h b­y o­p­e­r­a­t­i­n­g o­n-l­i­n­e. ­s­t­r­a­i­g­h­t­f­o­r­w­a­r­d a­n­d e­a­s­y j­o­b t­o t­r­y a­n­d d­o f­r­o­m h­o­m­e a­n­d e­a­r­n­i­n­g­s a­r­e­a u­n­i­t l­a­r­g­e t­h­a­n r­e­g­u­l­a­r j­o­b. m­e­r­e­l­y b­e ­a p­a­r­t o­f t­h­i­s j­o­b i­m­m­e­d­i­a­t­e­l­y a­n­d b­e­g­i­n e­a­r­n­i­n­g f­r­o­m h­o­m­e b­y f­o­l­l­o­w t­h­i­s l­i­n­k……..

      HERE ↛↛↛ https://web.facebook.com/Dollars-Job-1870736566524041/app/137541772984354/?ref=page_internal

    2. And they are having a US$1 salary a year President leh!
      I remember somebody/somebodies ever mentioned : “If you pay peanuts, you’ll get peanuts”!

  2. Dave Tay says:

    If we don’t make it to the next higher value chain, we are in deep shit… we really need local quality skill workers more than FTs that come and learn from us. Can’t imagine what will happen when those FTs after pick up certain level if skill, decided to leaves in huge number….

  3. Irvin Quek says:

    But but but…

    The immigration and MoM is still letting people in to steal our lunch leh!?

    Oh I forgot…

    Majority or 70% of us like it this way…

    Hip hip hurray…

  4. good what………….FTs going home……….some PAP voters lose their jobs…………both sets of voters get what they want…………a very good thing

  5. the besy way to find out the number of unemployed sg is to check the cpf a/cs. those dormant cpf a/cs are good indication of unemployment.

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