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S'pore jobless rate rises

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Singer

Singer

Neutral Newbie

S'pore jobless rate rises

 

 

 

Employment growth remains strong with retrenchment down, but unemployment continues to rise.

c.gif SINGAPORE'S jobless rate rose to 2.3 per cent in June, for the second quarter in a row even as total employment growth remained strong in the second quarter, driven by the robust construction sector.

 

Amid the economic uncertainties, the overall unemployment rate rose from a seasonally adjusted 1.7 per cent in December to 2 per cent in March and further to 2.3 per cent in June, according to the latest labour market update released by the Ministry of Manpower on Monday.

 

Some 77,800 residents were jobless in June. The seasonally adjusted figure was 60,900, up 12 per cent from 54,300 in March. But MOM said it was comparable to the 59,700 in June a year ago.

 

The number of unemployed residents (poster comment: an influx of FTs?) went up from 2.4 per cent in December to 2.9 per cent in March and 3.1 per cent in June.

 

The prevailing overall and resident unemployment rates are at the same levels as a year ago, said MOM.

 

But the labour market remained strong. A record 144,600 jobs were added in the first six months, compared with 113,800 in the same period last year. But the growth of 71,400 jobs was slightly lower than the first quarter's 73,200. Still, it was higher than a year ago (64,400).

 

Driven by robust building activities, employment in construction rose by a record 22,400 in the second quarter. But growth in the other sectors has moderated from the previous quarter.

 

Services added 38,300 workers, down from the gains of 46,500 in the first three months, but was still slightly higher than 36,800 in the second quarter a year ago.

 

Manufacturing posted gains of 10,100, lower than 11,800 in the last quarter and 15,900 in the same quarter a year ago.

 

'Amid the economic uncertainties, the unemployment rate rose for the second consecutive quarter, after improving to pre-Asian crisis levels in the second half of 2007,' said MOM.

 

The ministry added that the long-term unemployment has declined compared to a year ago. Some 10,000 or 13 per cent of the unemployed residents had been looking for work for at least 25 weeks in June, down from 12,100 or 16 per cent a year ago. They formed 0.5 per cent of the resident labour force, compared with 0.6 per cent in Jun 07.

 

After rising for two consecutive quarters, the number of retrenched workers fell to 1,798 in the second quarter, from 2,274 in the first three months.

 

The slowdown came from manufacturing, which laid off 1,216 workers compared to 1,724 in the previous quarter. On the other hand, retrenchments in services rose slightly from 543 in Q1 to 567 in Q2 08, but they still accounted for a smaller share (32 per cent) of the workers retrenched than the manufacturing sector (68 per cent) in Q2.

Job vacancies

There were 40,100 job vacancies1 in June, after increasing 5 per cent over the quarter and 7.1 per cent over the year.

 

'These unfilled posts represented 2.5 per cent of manpower demand, unchanged from the preceding two quarters, but was slightly lower than 2.6 per cent in June last year.

Earnings up

Nominal earnings rose over the year by 3.1 per cent in Q2, moderating from the growth of 11 per cent in the previous quarter and 8.5 per cent in Q2 07. After adjusting for higher inflation, real earnings shrank by 4 per cent, compared with gains of 3.6 per cent in Q1 and 7.5 per cent a year ago.

 

Said MOM: "Employment has continued to expand strongly, supported by record gains in construction. Retrenchment has also eased following increases in the preceding two quarters. However, productivity has contracted for the third consecutive quarter, as growth in employment outpaced output growth. Unemployment also rose for the second consecutive quarter amid the economic uncertainties."

 

 

http://www.straitstimes.com/Breaking%2BNew...ory_278742.html

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Drumstick

Drumstick

Clutched

Hrmmm...so much unemployment when so many jobs created.

What are the reasons.

You know, I know, we all know. [sly]

 

Sometimes really wonder, does MOM look into the problems for locals unemployment rate??

The causes and effects.[mad]

 

Think they got to really look into it and review before it gets even worst than now.

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Gantan88

Gantan88

Clutched

Seriously i think i need to take a short break. Re-align myself and set my focus again. Has been working and working and working and realise that i am not improving anymore.

 

Dunno if it is a good move a not especially now when the economy not so good.

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Albeniz

Albeniz

Turbocharged
Seriously i think i need to take a short break. Re-align myself and set my focus again. Has been working and working and working and realise that i am not improving anymore.

Dunno if it is a good move a not especially now when the economy not so good.

 

I would suggest not to leave your current job before you get the next deal.

 

I learnt the hard way. Went through a career drought for about 1/2 year. It is not so easy to find a job nowadays. I went through it myself.

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Check13

Check13

3rd Gear

It's obvious isn't it? If FT are not employed when they are in Spore, then why are they here?

 

If MOM were to spilt the jobless rate between citizens and PR/foreigners, what do you think the rate will be like?? Confirm higher on the citizens side. Well, we all know why MOM wouldn't release such data publicly.

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Amuze

Amuze

Neutral Newbie
Hrmmm...so much unemployment when so many jobs created.

What are the reasons.

You know, I know, we all know. [sly]

 

Sometimes really wonder, does MOM look into the problems for locals unemployment rate??

The causes and effects.[mad]

 

Think they got to really look into it and review before it gets even worst than now.

 

Yes they will show you that lots of jobs were created...

Jobs for the blue collar workers! SURE good employment numbers to show la! [laugh]

 

Most businessmen were already talking about this downturn since last year...

[gossip]

 

Only lately( last couple of mths ) MIW bo pian and start revealing the stark reality... abit too late. [thumbsdown]

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Mivec9

Mivec9

1st Gear

u can pay back 2 mths... [sweatdrop]

 

 

or else, ask the potential employer to pay the "fine", unless they r patient type, can wait for u in 3 mths time

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