Employment Situation Worsens In Q3 2008

Singapore's employment situation worsened in Q3 2008 with the addition of 57,800 new jobs, compared to 71,400 last quarter and 58,600 in Q3 2007.

The export-driven manufacturing sector created only 4,900 jobs due to weaker external demand, compared to 10,000 in the March - June period.

Job growth in services dipped slightly to 36,200 from 38,300 in Q2 2008, while the booming construction sector added a modest 16,400 jobs compared to last quarter's record high of 22,400.

While unemployment remained unchanged at 2.2% after seasonal adjustments, the number of retrenched workers rose to 2,000 from 1,798 in the previous quarter, mostly from electronics manufacturing.

Sources:

• "Employment Situation in Third Quarter 2008", Ministry of Manpower (MOM) Press Release, 31 October 2008
  
  
• "57,800 jobs created in Singapore in third quarter", Channel NewsAsia, 31 October 2008
  
  
• "Manufacturing sector's outlook dims as external demand weakens", Channel NewsAsia, 31 October 2008
  
  
• "Unemployment rate holds steady amid signs of worsening crisis", The Business Times, 1 November 2008
  
  
• "Fewer jobs added as outlook darkens", The Straits Times, 1 November 2008
  
  
• "Weaker job market as employers turn cautious", The Straits Times, 4 November 2008

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