S'pore on brink of recession

[dancingshoes]

The odds are not in the country's favor, experts say.
The threat of recession is practically banging on Singapore’s gates after the city-state released a set of unexpedly weak export figures in August.
Singapore’s non-oil domestic exports (NODX) booked a steep 8.4% year-on-year drop last month, much more severe than consensus expectations of a 3.5% contraction. Analysts warn that the poor numbers paint a dire picture of Singapore’s manufacturing sector, which contributes around a third of total economic output.
“The economy is on the verge of a technical recession. Indeed, the manufacturing sector is already in recession, having contracted for 3 consecutive quarters in year-on-year terms and for 3 out of the past 5 quarters on a sequential basis. Today’s set of numbers will only add to the recession side of the scale,” said DBS economist Irvin Seah.
Seah also noted that “the ugliest part” of today’s data is the 4.6% month-on-month decline in NODX, which has effectively wiped out the 0.2% gain in the previous month.
Hak Bin Chua, ASEAN Economist at Bank of America Merrill Lynch, said that the weakness in manufacturing is unlikely to be set off by the services sector, which also expects slower growth in the third quarter.
“The odds are more than even that the Singapore economy slipped into a technical recession in the third quarter, in our view. A technical recession will mean that GDP growth probably fell below that revised range, probably around 1%-1.5% for the full year,” he said.
Analysts are not holding out for an export recovery in the near-term. UOB Economist Francis Tan warned that the sharper-than-expected NODX decline is tied to the slowdown among SIngapore’s key trading partners, a trend that is unlikely to reverse in coming months
“The deflationary environment that had been plaguing Singapore’s trading partners due to the lower oil and other commodity prices is exerting its impact not just on oil-related exports, but had spilled-over to non-oil related exports. The dovish reactions by many central banks since the start of this year had further aggravated the decline in their respective currencies against the SGD, resulting in both a decline in Singapore’s export competitiveness,” Tan noted.

https://sg.finance.yahoo.com/news/singapore-teeters-brink-recession-unexpectedly-042800136.html

 

[shittypore]

Live in Pigeon hole, take the public bus for transport and posb wit bal enough to last till end of mth, how?
Likely, u die ur business, haha.

 

[yahoo55]

All these bad news only release after the GE. PAP has been holding back these information from voters until after the election. Song boh 69% idiots, you've given PAP a blank cheque to screw you and also the 31%.


https://sg.finance.yahoo.com/news/older-workers-made-bulk-unemployed-023800040.html

Over 40,000 older residents were unemployed in Q2 2015

Wed, Sep 16, 2015

Almost half of unemployed residents in the second quarter were workers older than 40, according to the Ministry of Manpower’s Labour Market report.

Those aged 40 and over made up 48% of unemployed residents in June. The unemployment rate for this age group inched up to 3.1%, compared to 2.9% in Q1.

“Given the rising competition in Singapore’s labour market, older employees looking to re-join the workforce may face the challenge of securing a job that matches their seniority, skill level and salary expectations,” said Michael Smith, Randstad Country Director – Singapore.

Close to 70% of long-term unemployed residents in June were also aged 40 & over, reflecting their larger representation in the resident labour force and higher long-term unemployment rate.

“[Older workers] can consider contract work. This not only provides them with better opportunities to get back into the workforce, but to secure a role with more flexible work options,” Smith said.

 

[CABcommander]

waiting for pap ministers/mps to say something along the line : Recession hits the rich in Singapore harder than the poor because the rich have more $ being depressed :(

 

[JHolmesJr]

Suck it up.

 

[LedZeppelin]

its sooner or later

 

[yahoo55]

Right after GE, PAP rewards voters by raising kindergarten and child care fees. Song boh 69% idiots, enjoy getting screwed and squeezed by PAP.

It's already so expensive for ordinary Singaporeans to raise kids here, yet PAP are still increasing the fees.

LHL and PAP have said recently that they want Singaporeans to have more children and increase birthrate, so PAP's solution is to increase fees and making it even more expensive to raise kids?? The 69% are such gullible idiots to fall for PAP's crap and gave PAP a blank cheque to get screwed, as well as sabo the 30% to get screwed by PAP too.

http://www.channelnewsasia.com/news/singapore/pcf-to-raise-fees-for/2142516.html

PCF to raise fees for kindergarten, child care centres

TODAY reports: The hike in fees will vary across different kindergarten, childcare and infant care centres, says PAP Community Foundation.

UPDATED: 22 Sep 2015 07:41


SINGAPORE: PAP Community Foundation (PCF), the largest pre-school operator in Singapore, is set to raise fees for most of its kindergarten and child care centres from next year.

Explaining that fee increases are needed from time to time to maintain the quality of its programmes, PCF could not say which or how many of its 153 childcare centres and 215 kindergartens will be affected, but explained that current fees and revised fees would “vary across different kindergartens, childcare and infant care centres”.

“Due to our large network of centres, it is also difficult to pinpoint a specified amount of increase due to the variation mentioned,” a spokesperson said. “The increase will affect generally all cohort of students.”

The PCF could not provide a range for how much fees would increase by, but a letter to parents from PCF Sparkletots Preschool @ Nanyang Blk 922 on revised fees — which was has been circulating online since last week — showed that from next year, K2 fees will be S$617.90 a month for Singapore citizens. Permanent residents (PRs) will pay S$765 and foreigners pay S$926.80.

For infant care, fees would be S$1,235.80 a month for citizens, S$1,530.10 for PRs and S$1,853.70 for foreigners.

In September last year, it was reported that fees were raised for some PCF centres, but no organisation-wide hike was implemented.

Parents with children in PCF centres interviewed by TODAY said they have not been informed of any changes, but said they would be concerned if there are hikes, especially since some saw increases last year or the year before.

A parent with two children in PCF Punggol South, who did not want to be named, said fees at the centre were raised in January this year, and any increase next year would be unreasonable. Private tutor Shawn Koh, 35, who has three children at PCF Lorong Ah Soo, said fees at the centre increase last year, and agreed that any increase must be justified.

Explaining that fee increases are needed from time to time to maintain the quality of its programmes, PCF could not say which or how many of its 153 childcare centres and 215 kindergartens will be affected, but explained that current fees and revised fees would “vary across different kindergartens, childcare and infant care centres”.

“Due to our large network of centres, it is also difficult to pinpoint a specified amount of increase due to the variation mentioned,” a spokesperson said. “The increase will affect generally all cohort of students.”

Of the four pre-school anchor operators contacted by TODAY, two — MY World Preschool and E-Bridge — responded, saying they will not raise fees for next year.

 

[dancingshoes]

Right after GE, PAP rewards voters by raising kindergarten and child care fees. Song boh 69% idiots, enjoy getting screwed and squeezed by PAP.

It's already so expensive for ordinary Singaporeans to raise kids here, yet PAP are still increasing the fees.

LHL and PAP have said recently that they want Singaporeans to have more children and increase birthrate, so PAP's solution is to increase fees and making it even more expensive to raise kids?? The 69% are such gullible idiots to fall for PAP's crap and gave PAP a blank cheque to get screwed, as well as sabo the 30% to get screwed by PAP too.

saw from FB that some of my gal friends who are mothers are not happy about it.:o

 

[yahoo55]

Chart of the Day: Local interest rates jump to six-year high in September

Both short- and long-term rates are on the rise.

Singapore has been enjoying six years of laughably low interest rates, but the era of cheap credit is steadily drawing to a close. The city-state saw a sharp spike in both short- and long-term interest rates in September, with the 3-month Singapore Interbank Offered Rate (SIBOR) hitting its highest level since 2009 this month.

The SIBOR--on which most loans and mortgages are pegged--reached 1.13 in September, according to Deutsche Bank. The SIBOR is expected to continue rising and is forecasted to hit 1.15 by the fourth quarter this year, and 1.20 by the first quarter of 2016.

Since Singapore’s monetary policy stance has a direct impact on rates, the authorities will have to worry how much higher rates can be acceptable under prevailing weak demand conditions, the report said.

- See more at: http://sbr.com.sg/economy/news/char...x-year-high-in-september#sthash.ybpclgn9.dpuf

 

[yahoo55]

Singapore's household debt now stands at roughly 150% of household income.


Chart of the Day: Here is the the terrifying effect of cheap credit on Singapore

Leverage spiked in just a few years.

Singapore's household debt now stands at roughly 150% of household income, the second-highest in ASEAN behind Malaysia.

According to a report by BMI Research, lower-income households will undoubtedly face repercussions when global interest rates rise.

"A credit boom has undoubtedly resulted from the deeply negative real interest rate environment. It is difficult to tell exactly what impact global rate normalisation will have on the local economy, and much depends on the trajectory of the rise in US rates and on the eventual equilibrium level to which they reset. Our core view is that interbank rates in the US and Singapore will begin to rise steadily during 2015, but remaining subdued by historical standards," said the report.

- See more at: http://sbr.com.sg/economy/news/char...t-cheap-credit-singapore#sthash.6oG6fEPO.dpuf

 

[no_faith]

such situation can create another millionaire. you could be the one too.
see it in another angle.
乱世出英雄

bad news released after GE? I will stay neutral. such news can be obtained through the net. doesnt matter if any party hold back the news or not.

 

[yahoo55]

Right after GE the bad news come thick and fast, now the gongkias know why PAP called for the GE so early. 70% gongkias kena conned by SG50 wayang and deserve to get screwed by PAP.

Song Boh 70% idiots, vote for PAP and get retrenched or pay cut in the coming quarters, while the PAP aristocrats and their cronies enjoy millions $$ pay and benefits at the expense of Sinkies.

Five telltale signs that Singapore’s labour market is deteriorating

Unemployment rate might inch up in coming quarters.

Singapore’s domestic workforce is functioning at nearly full capacity, but a few alarming details show that the labour market might be deteriorating beneath the surface.

A report by Credit Suisse highlighted that the unemployment rate rose to 28% in the second quarter, compared to 2.5% in the first three months of the year.

“Although this is low historically, the details of the labour market are weak, suggesting that the deterioration in the unemployment rate might continue,” Credit Suisse said.

Among the alarming details is the substantial slowdown in employment growth, with the economy adding just 3,600 jobs in the first half of the year.

This is markedly lower from the average half-yearly increase of 63,000 since 2010, and down from 74,000 in 2H last year.

“A large part of the decline was attributed to resident employment, which contracted by 8,900 in 1H 2015. Manufacturing employment continued its trend decline, while services employment growth was broadly weaker,” Credit Suisse noted.

Another cause for concern is the fact that job vacancy ratios have come off their highs. The Ministry of Manpower’s labour market report showed that the seasonally adjusted ratio of job vacancies to unemployed persons edged down to 121 openings per 100 seekers in Q2, much lower compared to 143 in March 2015.

Credit Suisse also noted that the number of hours worked fell further in Q2, which could indicate companies hoarding labour and cutting back on hours.

Redundancies also rose both year on year and quarter on quarter, while turnover ratios such as hiring rates and quit rates have come off, which could indicate lower job finding probability. Re-entry rates also fell slightly.

- See more at: http://sbr.com.sg/economy/in-focus/...our-market-deteriorating#sthash.xeo8Q4Kk.dpuf

 

[yahoo55]

More and more retrenchments coming, song boh 70%.

Coca-Cola closing bottling plant in Singapore and retrenching 200 employees, moving bottling plant to Malaysia.

http://www.businesstimes.com.sg/com...Echobox&utm_medium=Social&utm_source=Facebook