Home News Featured News Singapore sees worst case of job losses in 14 years

Singapore sees worst case of job losses in 14 years




- Advertisement -

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.

- Advertisement -

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.

Send in your scoop to news@theindependent.sg 

- Advertisement -

Kranji land ‘erroneous’ clearing: more supervision not always best solution, says Chan Chun Sing

Singapore – Processes should be streamlined and not more layers of supervision added in public service, said Trade and Industry Minister Chan Chun Sing on Friday (Feb 26) in response to the erroneous clearing of a large patch of woodland in...

National reserves: Whatever their strategic value, Singaporeans have right to know how they are managed

  The ruling People’s Action Party is weaponising knowledge of the exact amount of Singapore’s national reserves as a way of helping it stay in power. That’s unacceptable. It does not have such an in perpetuity right. One of the debates in...

Jolin Tsai’s perky butt got the internet abuzz

Taipei -- Mandopop diva Jolin Tsai isn't shy of flaunting her figure in all kinds of sexy and revealing outfits and her fans are just lapping it up. The 40-year-old singer uploaded a couple of photos from her trip to Yangmingshan...

Send in your scoop to news@theindependent.sg