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1 August 2009

Job losses in Singapore keep climbing in Q2

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The number of jobs lost in Singapore doubled to 12,400 in the second quarter of this year, reported Channel News Asia, citing the Manpower Ministry's (MOM) preliminary estimates on Friday.

This is the first time that employment has contracted for two consecutive quarters since the 2003 economic downturn. Manufacturing, again, bore the brunt of job losses.

Construction and services sectors increased their workforce, but the gains were lower than in previous quarters.

On the other hand, retrenchments appeared to have eased. MOM said 4,800 workers were laid off and 700 contracts were terminated prematurely in the second quarter.

This means 5,500 workers were made redundant during that period – half the number compared to the previous quarter. Overall unemployment rate also stabilised at 3.3 percent in June, unchanged from a quarter ago.

Among the resident labour force, the unemployment rate declined from 4.8 per cent in March to 4.6 percent in June. MOM said in the difficult job market, more people are deferring job searches to pursue training courses, including those supported under the Skills Programme for Upgrading and Resilience (SPUR). An estimated 91,800 residents were unemployed in June.


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