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Singapore job market showing signs of recovery

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Pal
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Singapore job market showing signs of recovery

Postby Pal » Wed, 17 Dec 2003 1:25 pm

SINGAPORE'S economy is showing signs of renewed momentum after the outbreak earlier this year of severe acute respiratory syndrome, or Sars, set it back in the second quarter, the Government said on Monday.

The Ministry of Manpower said in a report that gross domestic product expanded by 1.7 per cent over the year in the period between July and September, outpacing the Government's early estimate of 1 per cent growth.

Although the unemployment rate was higher, total employment rose by a revised 900 jobs on quarter in the period between July and September -- the first rise after eight quarters of shrinkage, the report said.

The services sector added 3,025 jobs after shedding 12,149 in the second quarter as the Sars outbreak hurt key industries such as tourism and retail.

The manufacturing sector continued to shed jobs, but at the slowest pace in two years, the report said. Employment in the sector shrank by a revised 2,592 jobs, significantly better than the revised 6,448 jobs lost in the previous quarter.

Singapore's unemployment rate worsened to 5.9 per cent in the third quarter of the year -- the highest level since it hit 6 per cent in 1986.

The report showed that an increasing number of inactive workers, bolstered by a brightening economic outlook, had tried to rejoin the labour force, exacerbating the unemployment situation.

It confirmed preliminary estimates released in late October.

The seasonally adjusted unemployment rate rose to 5.9 per cent by the end of September, from 4.5 per cent at the end of June, the report said.

A total of 111,100 Singaporeans and permanent residents are unemployed, or about 6.3 per cent of the resident work force, the statement said. The overall unemployment rate includes non-Singaporean workers such as expatriates.
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jpatokal
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Re: Singapore job market showing signs of recovery

Postby jpatokal » Wed, 17 Dec 2003 8:23 pm

Behind the spin is the real news in the 6th paragraph:

Pal wrote:Singapore's unemployment rate worsened to 5.9 per cent in the third quarter of the year -- the highest level since it hit 6 per cent in 1986.


So in terms of raw numbers, the unemployment situation is currently the worst it's been in 16 years, and just got a little worse. :?

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Postby Pal » Thu, 18 Dec 2003 11:47 am

Lets hope that the unemployment rate will improve soon ....

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Postby jpatokal » Thu, 15 Jan 2004 12:53 am

More rain on the parade. Why was this published only in the Business Times?

http://business-times.asia1.com.sg/stor ... 12,00.html

Then again, I'm a little surprised it was the front story even there... and here's bad news for anybody renewing their EP:

He says in his report that the proportion of the unemployed with post-secondary education had risen to about 35 per cent by 2002 from just 7.4 per cent in 1974.

'The sharp increase in this proportion, started from 1989, coincided with the introduction of a new liberal policy towards foreign skilled workers,' he notes.

To improve the employment situation in the short term, Prof Hui suggests that positive discrimination be applied in favour of residents; eligibility rules for employment pass holders be tightened; and, for work permit holders, dependency ceilings be lowered and minimum wages be introduced.


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