This is worse than the SARs figures? of 30k? Anyone remembers?
Retrenchments down sharply, unemployment stabilises in Q2
By 938LIVE/ Pearl Forss, Channel NewsAsia | Posted: 31 July 2009 1113 hrs
Retrenchments down sharply, unemployment stabilises in Q2
SINGAPORE: The number of jobs lost in Singapore doubled to 12,400 in the second quarter of this year, according to the Manpower Ministry's (MOM) preliminary estimates on Friday.
This is the first time that employment has contracted for two consecutive quarters since the 2003 economic downturn. Manufacturing, again, bore the brunt of job losses, shedding 17 600 jobs.
Construction and services sectors increased their workforce with 3,400 and 2,100 workers respectively, but the gains were lower than in previous quarters.
On the other hand, retrenchments appeared to have eased. MOM said 4,800 workers were laid off and 700 contracts were terminated prematurely in the second quarter.
This means 5,500 workers were made redundant during that period – half the number compared to the previous quarter.
Overall unemployment rate also stabilised at 3.3 per cent in June, unchanged from a quarter ago.
Among the resident labour force, the unemployment rate declined from 4.8 per cent in March to 4.6 per cent in June.
The reason why job losses did not cause the unemployment rate to go up is because the losses were a result of the completion of contracts, and many foreign workers left Singapore as their contracts were not renewed, hence they did not add to the unemployment statistic.
However, both the manpower minister and labour chief said that it is too soon to celebrate, and warned of a W-shaped recovery.
Manpower Minister Gan Kim Yong said: “Whether the third wave of retrenchments will happen or when it will happen, we do not know. This quarter, as well as next quarter, remain rather uncertain. I've been speaking to some of the employers. They were able to see the next two months, but they are not sure beyond that.”
NTUC Secretary-General Lim Swee Say said: “In the labour movement, it is important that we continue to work together to guard against a possible W-shaped recovery. Why? Because despite recent rallies in the financial market and property markets, I think there are still mixed reactions about what is happening in our real economy.
“The optimists will tell us that the worst is over, the pessimists tell us that this rally is not sustainable. In fact, they will tell us their assessment is that another bubble is forming. The pragmatists say during an upturn, the global economy has a tendency to overshoot the upturn.
“When you see the economy coming up, don't be too happy, there is no way to tell exactly what is going to happen in the next six months or so.”
MOM said in the difficult job market, more people are deferring job searches to pursue training courses, including those supported under the Skills Programme for Upgrading and Resilience (SPUR).
An estimated 91,800 residents were unemployed in June.
Retrenchments down sharply, unemployment stabilises in Q2
By 938LIVE/ Pearl Forss, Channel NewsAsia | Posted: 31 July 2009 1113 hrs
Retrenchments down sharply, unemployment stabilises in Q2
SINGAPORE: The number of jobs lost in Singapore doubled to 12,400 in the second quarter of this year, according to the Manpower Ministry's (MOM) preliminary estimates on Friday.
This is the first time that employment has contracted for two consecutive quarters since the 2003 economic downturn. Manufacturing, again, bore the brunt of job losses, shedding 17 600 jobs.
Construction and services sectors increased their workforce with 3,400 and 2,100 workers respectively, but the gains were lower than in previous quarters.
On the other hand, retrenchments appeared to have eased. MOM said 4,800 workers were laid off and 700 contracts were terminated prematurely in the second quarter.
This means 5,500 workers were made redundant during that period – half the number compared to the previous quarter.
Overall unemployment rate also stabilised at 3.3 per cent in June, unchanged from a quarter ago.
Among the resident labour force, the unemployment rate declined from 4.8 per cent in March to 4.6 per cent in June.
The reason why job losses did not cause the unemployment rate to go up is because the losses were a result of the completion of contracts, and many foreign workers left Singapore as their contracts were not renewed, hence they did not add to the unemployment statistic.
However, both the manpower minister and labour chief said that it is too soon to celebrate, and warned of a W-shaped recovery.
Manpower Minister Gan Kim Yong said: “Whether the third wave of retrenchments will happen or when it will happen, we do not know. This quarter, as well as next quarter, remain rather uncertain. I've been speaking to some of the employers. They were able to see the next two months, but they are not sure beyond that.”
NTUC Secretary-General Lim Swee Say said: “In the labour movement, it is important that we continue to work together to guard against a possible W-shaped recovery. Why? Because despite recent rallies in the financial market and property markets, I think there are still mixed reactions about what is happening in our real economy.
“The optimists will tell us that the worst is over, the pessimists tell us that this rally is not sustainable. In fact, they will tell us their assessment is that another bubble is forming. The pragmatists say during an upturn, the global economy has a tendency to overshoot the upturn.
“When you see the economy coming up, don't be too happy, there is no way to tell exactly what is going to happen in the next six months or so.”
MOM said in the difficult job market, more people are deferring job searches to pursue training courses, including those supported under the Skills Programme for Upgrading and Resilience (SPUR).
An estimated 91,800 residents were unemployed in June.
