Singapore unemployment rises to highest in 3 years
By Nopporn Wong-Anan
SINGAPORE, April 30 - Singapore's unemployment rose to the highest in over 3 years in the first quarter as the economy suffered its worst ever recession, but manufacturers are turning less bearish on prospects for the next six months.
The unemployment rate rose to 3.2 percent on a seasonally adjusted basis, the highest since the third quarter of 2005 and rising from 2.5 percent at the end of 2008, as the manufacturing sector shed jobs, government data showed on Thursday.
The unemployment rate among the resident labour force rose to a 5-year high of 4.8 percent in the first quarter from 3.6 percent in the fourth quarter.
"Unless the recovery is swift, further job losses probably lie ahead of us," said economist Wei Zheng Kit of Citigroup in a report on Thursday, adding unemployment this year could peak slightly under its forecast rate of 4.8 percent.
The manufacturing sector saw the largest contraction of employment in the first quarter of 2009 with a loss of nearly 20,000 jobs from the previous quarter. The sector laid off 9,000 workers, mainly in the electronics industry.
The construction and services sectors, however, saw an increase of 8,500 and 10,300 jobs respectively.
Unemployment is rising around the world as the global economic recession has wiped out demand for goods and services.
Singapore, Southeast Asia's most open economy and the first to enter recession in 2008, has been hit hard.
"Falling external demand has severely affected the manufacturing sector," the Ministry of Manpower said.
By Nopporn Wong-Anan
SINGAPORE, April 30 - Singapore's unemployment rose to the highest in over 3 years in the first quarter as the economy suffered its worst ever recession, but manufacturers are turning less bearish on prospects for the next six months.
The unemployment rate rose to 3.2 percent on a seasonally adjusted basis, the highest since the third quarter of 2005 and rising from 2.5 percent at the end of 2008, as the manufacturing sector shed jobs, government data showed on Thursday.
The unemployment rate among the resident labour force rose to a 5-year high of 4.8 percent in the first quarter from 3.6 percent in the fourth quarter.
"Unless the recovery is swift, further job losses probably lie ahead of us," said economist Wei Zheng Kit of Citigroup in a report on Thursday, adding unemployment this year could peak slightly under its forecast rate of 4.8 percent.
The manufacturing sector saw the largest contraction of employment in the first quarter of 2009 with a loss of nearly 20,000 jobs from the previous quarter. The sector laid off 9,000 workers, mainly in the electronics industry.
The construction and services sectors, however, saw an increase of 8,500 and 10,300 jobs respectively.
Unemployment is rising around the world as the global economic recession has wiped out demand for goods and services.
Singapore, Southeast Asia's most open economy and the first to enter recession in 2008, has been hit hard.
"Falling external demand has severely affected the manufacturing sector," the Ministry of Manpower said.
