Global General

Special

Newsmaker

Asia Pacific

America

Middle East

Europe

Africa

Singapore jobs growth slows to 8.1 pct in 2008

(Xinhua)
Updated: 2009-03-16 15:40

SINGAPORE -- Singapore's total employment increased by 221,600 or 8.1 percent in 2008, lower than the increase of 234,900 or 9.4 percent in 2007, the country's Ministry of Manpower said on Monday.

Related readings:  Singapore registers increases in marriages, newborns  Singapore keeps top spot in expat survey  Tourist stabbed dead in Singapore hotel  Singapore honors Dutch scientist

The ministry said in a statement that the employment growth slowed significantly to 21,300 in the fourth quarter of 2008, less than half the gains of 55,700 in the third quarter of 2008 and 62, 500 in the fourth quarter of 2007.

The slowdown was felt across many industries, led by manufacturing which shed 7,000 workers in the fourth quarter of 2008, its first contraction since the third quarter of 2003. Net job losses occurred mainly in electronic products and transport equipment.

For the whole of 2008, a total of 16,880 workers were made redundant, comprising 13,920 workers retrenched and 2,970 workers whose contracts were terminated prematurely, the ministry added.

The seasonally adjusted overall unemployment rate rose to 2.5 percent in December 2008 from 2.2 percent in September 2008 and the decade-low of 1.7 percent a year ago.

Redundancies nearly tripled from 3,180 in the third quarter of 2008 to a record quarterly high of 9,410 workers in the fourth quarter of 2008.

Among the resident labor force, the unemployment rate increased for the fourth consecutive quarter to 3.7 percent in December 2008, compared to 2.4 percent a year ago. An estimated 69,900 residents were unemployed in December 2008. The seasonally adjusted figure was 73,200, up from 46,200 in December 2007.