Unemployment hits 5% among Singapore residents
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Unemployment is creeping up as the economy recovers in Singapore.
Jobless numbers tend to lag behind economic recovery, as Prime Minister Lee Hsien Loong said a fortnight ago, and overall unemployment is still below 3.5 percent.
But it's clear the government scheme to keep unemployment low by helping people defer job search and further their studies has had only a temporary benefit.
Unemployment rose to 5 percent among the local population in September.
Job seekers at the end of training courses are finding there are still not enough jobs to go around.
Between 83,000 and 100,000 local residents are unemployed, according to the Manpower Ministry which gave both seasonally adjusted and non-seasonally adjusted figures.
The only good news is more than 15,000 new jobs were created in the third quarter, after more than 6,000 jobs were lost in the first quarter and well over 7,000 in the second quarter. "Nevertheless, the gains were significantly lower than 55,700 in the third quarter of 2008," the ministry said today.
Unemployment rate
Sep 08 Dec 08 March 09 June 09 Sep 09 Seasonally adjusted Overall (%) 2.3 2.5 3.3 3.3 3.4 Resident (%) 3.4 3.6 4.8 4.4 5.0 Non-seasonally adjusted Overall (%) 1.9 2.4 3.0 4.1 2.9 Resident (%) 2.8 3.5 4.4 5.9 4.1 The ministry reports:
"Preliminary estimates show that the seasonally adjusted overall unemployment rate rose slightly to 3.4% in September 2009 from 3.3% in June 2009.
"Among the resident labour force, the rate increased to 5.0% in September 2009.
"This followed the decline from 4.8% in March 2009 to 4.6% in June 2009, when some residents then had deferred job search and pursued courses amid the difficult job market."
The report continues:
"The unemployment rates were still below the peak (overall: 4.8%; resident: 6.2%) experienced in September 2003 (due to the SARS outbreak).
"On a non-seasonally adjusted basis, the overall unemployment rate decreased from 4.1% in June 2009 to 2.9% in September 2009, as students who looked for work during the mid-year school vacation have returned to school and this year's tertiary graduates have started to secure employment.
"Nevertheless, the rate was higher than 1.9% in September 2008. Among the resident labour force, the non-adjusted unemployment rate was 4.1% in September 2009, also lower than 5.9% in June 2009 but higher than 2.8% in September 2008. "
And then comes the rub.
"An estimated 83,800 residents were unemployed in September 2009. The seasonally adjusted figure was 100,300."
The ministry said:
"With a recovering economy, total employment is estimated to have grown by 15,400 in the third quarter, ending losses in the first and second quarters of 2009 (-6,200 and -7,700 respectively). Nevertheless, the gains were significantly lower than 55,700 in the third quarter of 2008.
"Services employment rose by 13,400 in the third quarter, significantly higher than the gains of 7,500 in the first and 3,800 in the second quarter this year, but lower than 34,300 in the third quarter last year.
"Construction continued to add workers (8,100), higher than the increase in the preceding quarter (4,700) and comparable to the first quarter of 2009 (8,300). Manufacturing shed workers for the fourth consecutive quarter, but the decline (-6,600) was substantially lower than in the first two quarters this year (-22,100 in 1Q 09 and -15,900 in 2Q 09)."
Job vacancy rates in all sectors remain well below their levels before the recession, the Monetary Authority of Singapore (MAS) said in its Macroeconomic Review yesterday.
Overall,there were only 33 job openings per 100 jobseekers, compared to an average of 72 during the 2005-07 period.
And hirings are not likely to pick up much.
Three-quarters of the 635 firms polled intend to maintain headcount, the MAS report pointed out.
The outlook is most pessimistic for the manufacturing sector, it added.
Apart from the biomedical industry, which will see increased employment arising from new investment, such as Medtronic setting up operations in Singapore, most manufacturing companies are not looking to hire in 2010 due to the uncertain business outlook.
http://sgblogs.com/entry/unemployment-hits-among-singapore-residents/366180
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Back in early Mar last year, I have said this will happen if the govt doesn't turn course and now.......haiz
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Hit 5%. No wonder more and more people around me complaining so difficult to find jobs.
Well done, our beloved ruling party, get in more foreigners please. U woo!
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Singapore 3Q unemployment rises to 3.4 percent
The unemployment rate was a seasonally adjusted 3.4 percent in September, up from 3.3 percent in June, the Ministry of Manpower said in a statement Friday. The jobless rate was 1.9 percent in September 2008.
The jobless rate rose even as the economy added jobs overall, indicating new employment couldn't keep pace with the number of new job seekers entering the labor market.
The economy grew a net 15,400 jobs in the quarter, led by 13,400 in services and 8,100 in construction. The manufacturing sector, where employment largely tracks the strength of global demand for exports, lost 6,600 jobs. The economy had gained 55,700 jobs in the third quarter of 2008.
Gross domestic product expanded a seasonally adjusted annualized 15 percent in the July to September period, a second quarter of growth after a year of contractions. The government expects the economy to shrink up to 2.5 percent this year after growing 1.1 percent last year.
http://sgblogs.com/entry/singapore-unemployment-rises-percent/366169
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Originally posted by 4sg:
Back in early Mar last year, I have said this will happen if the govt doesn't turn course and now.......haiz
So long they are able to receive world class salary, they heck care the locals. So long they keep having increasing number of foreigners coming to work here to allow them to earn $$$ from them, they heck care.Think we have to take this seriously into consideration when we are making decision on who to vote in the next election.
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The policy towards population growth, aimed at growing our GDP at all cost, is a wrong one.
The foreign talent scheme is a failure. It has attracted the wrong type of people into our country. We went for short term economic gain at the expense of long term benefit.
The heachache these people bring, over the long term is enormous - something Singapore cannot under-estimate. .
I already have a doctor classmate from a third country, who is extremely bitter that she can't get a job here; a double life science master degree holder from another third world country, who is also extemely bitter at Singapore (not failing to give her PR) but for faiing to give her a job here. And many more stories, too many to write them all.
Failed integration will be a bitter lesson Singapore will soon learn. In the long term, the cost of integration these people into our society will far outstripped the benefit we can derive from them.
The dragging of feet of the govt with political reform. The sweeping away of real political issues of the day; with the govt refusal to re-examine politically sensitive issues like land, tax, distribution of wealth, electorate reform policies.
All these are the real reasons for this nation stagnation. -
Originally posted by 4sg:
The policy towards population growth, aimed at growing our GDP at all cost, is a wrong one.
The foreign talent scheme is a failure. It has attracted the wrong type of people into our country. We went for short term economic gain at the expense of long term benefit.
The heachache these people bring, over the long term is enormous - something Singapore cannot under-estimate. .
I already have a doctor classmate from a third country, who is extremely bitter that she can't get a job here; a double life science master degree holder from another third world country, who is also extemely bitter at Singapore (not failing to give her PR) but for faiing to give her a job here. And many more stories, too many to write them all.
Failed integration will be a bitter lesson Singapore will soon learn. In the long term, the cost of integration these people into our society will far outstripped the benefit we can derived from them.
The dragging of feet of the govt with political reform. The sweeping away of real political issues of the day; with the govt refusal re-examine politically sensitive issues like land, tax, distribution of wealth, electrate reform policies.
All these are the real reasons for this nation stagnation.
I know what you are driving at, haiz!Time and again the hospitals complain of short of doctors. MOH set quota for taking in doctors. It is miserable quota they have. If there is great demand for doctors I think they should review their quota system. What I see in govt hospitals is they get in lots of cheap indian doctors to do the jobs. Most of the time the quality of their care to patients really cannot make it.
Whatever about it, we are on the losing end. All we can do is to exercise making the right choice in the next election if we are given the chance to vote.
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maybe i should go study to be a medical doctor.......
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Go learn medical doctor for what?? still have to serve people with blood and illness. Better open food stalls or like me, drinking pub, sure got business one, down or up in economy peoples still need happy hours and drinking. As for foods, look at the Foreigners here, they sure to eat out, and Singaporean are also one of the those best food eater of the world, sure can make business.
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Originally posted by 4sg:
The policy towards population growth, aimed at growing our GDP at all cost, is a wrong one.
The foreign talent scheme is a failure. It has attracted the wrong type of people into our country. We went for short term economic gain at the expense of long term benefit.
The heachache these people bring, over the long term is enormous - something Singapore cannot under-estimate. .
I already have a doctor classmate from a third country, who is extremely bitter that she can't get a job here; a double life science master degree holder from another third world country, who is also extemely bitter at Singapore (not failing to give her PR) but for faiing to give her a job here. And many more stories, too many to write them all.
Failed integration will be a bitter lesson Singapore will soon learn. In the long term, the cost of integration these people into our society will far outstripped the benefit we can derive from them.
The dragging of feet of the govt with political reform. The sweeping away of real political issues of the day; with the govt refusal re-examine politically sensitive issues like land, tax, distribution of wealth, electrate reform policies.
All these are the real reasons for this nation stagnation.Dear 4sg,
I read with interest on your rant/pessimistic views. Perhaps you can clarify better:-
1. How can growing our GDP using population growth model be wrong, more so when majority of Singaporeans do not pay personal income tax except for consumption tax by those who import or use luxury goods more, with only majority of us contributing CPF which is not a tax but savings to be returned with interest over time, and CPF had not defaulted on its payment even once? Where will our social spending for eductation, healthcare, etc, etc come from?
2. How can the talent scheme be a failure, when the onus is on employers to hire the right ones to spearhead their growth, and such growth tangible on record as evident in our economic recovery?
3. What headaches had these foreign talents brought onto our shores, except for those citizens who selfishly refuse to share space and claim elitism exclusivity which do not exists in our equal society? What crimes had they committed that we citizens are presumed to be afraid and dare not walk the streets after dark, which is not even happening now or even in the foreseeable future with our credible and effective HomeTeam at work?
4. What 'failed' integration results had you used, when the results are not even out yet, having just started, as we singaporeans, at least the majority, are generally a welcoming bunch?
More so as our grads from ITE to Unis generally gets a job in new companies for middle management to gain experience and work their way up in this crisis, compared to other nations where such aspirants are jobless now?
What bitter lesson other than those above 40 years old that find competition from BOTH local and foreign talents, that which the govt is attempting to forestall and implement as policy to hire them by 2013, changes which will take time to re-educate selfish and self-serving employers?
5. As for political reforms, we have an evolving political entity, but emphasis had always been that whatever reforms or policies that gets approved, must put food on our tables. Had any other political party assured the electorate of such plans, credible, tried and tested, with the ability to win votes for it in a free election without giving lame excuses?
As much as i would like to take comfort in your rant, I know that in reality, what you write is only temporary relief, a blind delusion, an outlet for personal frustrations. Solultions and patience are better needed if we are to seek permanent relief.
Thanks, and peace.
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Originally posted by 4sg:
The policy towards population growth, aimed at growing our GDP at all cost, is a wrong one.
The foreign talent scheme is a failure. It has attracted the wrong type of people into our country. We went for short term economic gain at the expense of long term benefit.
The heachache these people bring, over the long term is enormous - something Singapore cannot under-estimate. .
I already have a doctor classmate from a third country, who is extremely bitter that she can't get a job here; a double life science master degree holder from another third world country, who is also extemely bitter at Singapore (not failing to give her PR) but for faiing to give her a job here. And many more stories, too many to write them all.
Failed integration will be a bitter lesson Singapore will soon learn. In the long term, the cost of integration these people into our society will far outstripped the benefit we can derive from them.
The dragging of feet of the govt with political reform. The sweeping away of real political issues of the day; with the govt refusal re-examine politically sensitive issues like land, tax, distribution of wealth, electrate reform policies.
All these are the real reasons for this nation stagnation.You know times are bad when even your long time PR friends start complaining.
The % of high end jobs for grads vs low skilled / low value add jobs has apparently decreased over the past few years. Could be due to the MNCs trimming their operations in sg and moving overseas.
Seems like more and more low skilled jobs are being created largely due to the increase in population - kopitiam jobs, cleaning jobs, F&B service jobs etc while higher end jobs being created are seldom mentioned in the papers (notwithstanding there is a recession going on).
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yeah, my grad friend was told to go down to job fair by CDC. She went and was very disappointed, nothing is suitable. There are all the low skilled low end jobs like packers, warehouse assistants and so on.
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Originally posted by Fantagf:
yeah, my grad friend was told to go down to job fair by CDC. She went and was very disappointed, nothing is suitable. There are all the low skilled low end jobs like packers, warehouse assistants and so on.
CDC job fairs usually target the lower skilled workers.
Might get 1 or 2 "manager" positions but likely in SMEs or positions in the town councils. (No, the position will likely not have the legendary 8 months bonus scheme).
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Originally posted by charlize:
CDC job fairs usually target the lower skilled workers.
Might get 1 or 2 "manager" positions but likely in SMEs or positions in the town councils. (No, the position will likely not have the legendary 8 months bonus scheme).
Oh, I see. No wonder my grad friend was asked by her CDC consultant to go for the Health Associate position. She has study loan to pay, how to accept this sort of job -
Super High Pay jobs for Locals Elites and Scholars
High pay Jobs for ang mo
Middle range for PRC,Banga, Korean,Japanese
etc
Low Range for SGporeans
Lowest / (Mac/KFC) for aunties and unkers
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Originally posted by noahnoah:
Super High Pay jobs for Locals Elites and Scholars
High pay Jobs for ang mo
Middle range for PRC,Banga, Korean,Japanese
etc
Low Range for SGporeans
Lowest / (Mac/KFC) for aunties and unkers
At the rate the economy is going, you might have a very small % of top end jobs and a very large % of low skilled / low wage jobs on offer from now onwards.
That's why I say the economy seems to be moving backwards.
Like regressing to those poor third world country standards where low end goods and services are produced.
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left over small percentage
end up eating grass..
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Originally posted by noahnoah:
left over small percentage
end up eating grass..
No grass.
Only sand as more land has to be reclaimed.
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Aren't we over-reacting?
Point 1: Foreign workers/talents have a lower unemployment rate because they leave when they cannot find any employment here.
Singapore residents will find it harder to leave.
Point 2: We have been spoilt by the booming economy of 2007, to think that 5% is very bad. In fact, when I was studying economics, 4% unemployment was considered as full employment. That's because in any economy, there will always be structural and frictional unemployment present.
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Originally posted by eagle:
Aren't we over-reacting?
Point 1: Foreign workers/talents have a lower unemployment rate because they leave when they cannot find any employment here.
Singapore residents will find it harder to leave.
Point 2: We have been spoilt by the booming economy of 2007, to think that 5% is very bad. In fact, when I was studying economics, 4% unemployment was considered as full employment. That's because in any economy, there will always be structural and frictional unemployment present.
Good point on the 4% full employment criteria.
However, knowing how it works in sg, you might want to take the unemployment figures with a pinch of salt. Do you believe that the figure is around 5% or perhaps even higher? You will note that the calculation criteria of the unemployment rate excludes those who are not actively looking for a job - there could be many retrenched workers going back to school to upgrade their skills / knowledge or taking courses. Hence, I believe this figure could actually be higher for the "true" unemployement rate.
A retrenched executive washing dishes at the kopitiam (if he is even lucky to get this job) is considered employed. As with my earlier point, it seems to me now that the number of jobs created recently (mostly low level / F&B , service related ) can largely be attributed to the increase in population eg. why more kopitiam workers are needed - to cater to more people eating at the kopitiams. The creation of these low wage jobs actually masks the true situation in the economy - jobless managers / executives cannot be expected to take these jobs as permanent.
As it is, the government apparently is of the view that as long as everybody has a "job" regardless of whether it is suitable or relevant to the person doing that job, they have done their duty.
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actually 5% is nothing compared to other developed nations. No need for big hoo haa.
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The devil in the details is the quality of the jobs for that other 95% i'm guessing.
It's still 95% if 90% are earning 700 dollars a month and 5% are earning 200,000 a month. ( Though of course, i'm exaggerating )
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Originally posted by Rock^Star:
actually 5% is nothing compared to other developed nations. No need for big hoo haa.
Ya lor, these 5% are mostly those ah longs, free lancers, bookies, lazy bums, runners, pimps, hawker assistances, escorts, partimers etc etc they all have a job, just that they are not registered, therefore the satistic shown them as jobless. Some rich ones also dun work, so how?? included inside the 5% ar?
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and also those lazy freelance agents like insurance or property agents
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5% of local residents unemployed; rising local resident unemployment rate, with a rising immigrant population. Where are the jobs going to?
@angel, while i have no idea where the ministry gets its figures from, by definition, you have to be available to work and seeking work but currently without work to be classified as unemployed.