Singapore's total employment falls by record 103,500 in Q2; retrenchments double

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EMPLOYMENT fell by a record 103,500 in the second quarter of the year, a staggering four times the previous record contraction - in the first quarter - of 25,600, according to the Singapore Ministry of Manpower's Labour Market Report released on Monday. Read more at The Business Times.

Seasonally adjusted unemployment rates rose over the quarter, with the overall unemployment rate at 2.8 per cent in June, up from 2.4 per cent in March; the resident unemployment rate at 3.8 per cent, up from 3.3 per cent; and the citizen unemployment rate at 4 per cent, up from 3.5 per cent. But these, too, were below past recessionary peaks.

Job vacancies decreased slightly to 42,400 as at June, down from 46,300 in March. Together with the increase in unemployed persons, this lowered the seasonally adjusted ratio of vacancies to unemployed persons to 0.57 in June, down from 0.71 in March. Sectors seeing the greatest falls in employment during Q2 were those hit hardest by"circuit-breaker" and safe-distancing measures, such as construction , food and beverage services , retail trade , arts, entertainment and recreation , and administrative and support services .

With the latest figures, total employment excluding foreign domestic workers contracted by 129,100 in the first half of the year. The employment losses were disproportionately in the foreign workforce, with foreign employment falling 5.7 per cent or by 66,400, compared to the 2.7 per cent or 62,700 decline in local employment.

Source: News Formal (newsformal.com)

 

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