Local who graduated in 2008 says today’s job market is worse than during the global financial crisis

SINGAPORE: There’s been a lot of noise lately about the job market. On anonymous forums, countless users have shared that they’ve been jobless for weeks, months, or even longer.

However, how bad is it, really? One local who graduated in 2008, right in the middle of the global financial crisis, says today’s job market might actually be worse.

In a post on the r/SingaporeRaw subreddit, he shared that back then, he was unemployed for a longer period than most of his peers, but it was only for about six months. That, he said, is nothing compared to what today’s jobseekers and fresh graduates are facing.

He argued that the current situation is more dire, although it’s being masked by the availability of gig work such as delivery and private hire driving, along with SkillsFuture training

“Right now, with gig work and Skillsfuture, it is easy to mask it, but the ripple effect of stagnant wages or low starting salaries will reverberate for decades down the road for locals,” he wrote on Sunday (Jul 6).

He also voiced scepticism about the official unemployment figures, saying, “I personally don’t believe anymore in the unemployment figures published by the authorities.”

“There used to be a time when I was pretty much on the fence with regard to the accuracy of unemployment statistics, but leaning slightly more towards the accuracy of published unemployment stats until I had the chance to speak to someone, an ex-CHRO (Chief Human Resources Officer) turned academic, who tells me that he believes the unemployment figures among local residents (excluding E-Pass and work permit holders) is closer to 6%. I now believe him more than I believe the published figures.”

He ended his post by asking others what they thought of the situation.

“Definitely feels worse than what’s reported.”

In the comments, several users agreed that the true state of unemployment is being masked by the rise of gig work and freelance jobs.

One commenter wrote, “The fact you pointed about gig economy is very true. This didn’t exist back then. I remember 2008. It was really bad when it hit, but it also recovered really fast by early 2009. Almost everything got back to normal quite fast and even became stronger/more exp.”

Another wrote, “I have to agree. I graduated during the SARS crisis. This job market feels even tougher somehow.”

A third person commented, “I believe so, too; the numbers are definitely much higher. Not to mention how loaded the questions are during employment surveys. Definitely feels worse than what’s reported.”

However, not everyone agreed. One user pushed back, saying, “Government releases statistics, and you don’t believe them, but one former CHRO who doesn’t work in his industry anymore says something, and you believe it. A sample size of 1. Amazing logic. Is it because what he says is what you want to hear, and so it’s more believable?”

Fewer jobs added in early 2025

Recent figures seem to reflect what many jobseekers have been feeling for some time. According to data from the Ministry of Manpower (MOM), reported by Singapore Business Review, employment growth slowed noticeably in the first quarter of 2025.

Only 2,300 people were hired, a sharp decline compared to the 7,700 added in the previous quarter and 3,200 during the same period last year.

Read more: Hiring slows in Singapore, with fewer jobs and rising unemployment in Q1

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