Mixed Employment Trend in Singapore

Singapore is showing a rather mixed employment trend for the first quarter of 2008 year review.

While the country’s unemployment rate has increased by about 2% amidst the economic uncertainties, the overall employment growth continued to remain strong with a total of 73,2000 new employees hired in the 2008 first quarter.

A total of 38,2000 new jobs were made available on March 2008, rising by 2%, with the highest number of vacancies created for professionals, managers, executives and technicians. Clerical, sales and service jobs recorded the second highest vacancies, with production operators, cleaners and laborers falling in the third place. Statistically, for every 100 job seekers, there were 115 jobs available (this does not compute the mismatch of industries and specializations).

Main employment growth is contributed by services sector with 46,500 employment gains, followed by construction (14,500) and manufacturing (11,800). The financial services, construction and manufacturing sectors combined to contribute the highest of the Singapore’s GDP growth of 6.7%.

Retrenchment showed an increase compared to the previous quarter of 2007, with 2,274 workers laid off from their jobs. Majority of the retrenched workers came from the manufacturing sector, mainly in electronic products, rubber and plastic, metal, and electrical products. Services industry became the second highest casualty, followed by retail and financial institutions.

Data source: Singapore Ministry of Manpower.

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