Job statistics reaching breaking point?

unemployment_singaporean

December 13, 2016

Retrenchment hits 7-year high

I refer to the article “Number of retrenched workers hit 7 year high” (The Singapore Daily, Dec 13).

It states that ‘According to figures released by the MOM today (13 Dec), the number of retrenched workers hit a 7-year high in 2016. This figure is the highest since the 2009 Global Financial Crisis.

In the first 9 months of this year, there were 13,730 workers who were laid off. This marks a 35% increase over the 10,220 number during the same period last year.”

LTU Share at 10-year high

According to the Ministry of Manpower’s (MOM) Labour Market Third Quarter report released on 13 December – the Long Term Unemployed (LTU) Share – which represents the long-term unemployed as a proportion of the unemployed, at 30.3 per cent is at a 10- year high.

I believe it may even be the historical high.

No breakdown into S’poreans & PRs?

What is the breakdown of the long-term unemployed into Singaporeans and permanent residents (PRs)?

Degree holders & 50 and over worse hit

Degree holders formed the highest proportion by education, and those age 50 and over formed the highest by age – of the long-term unemployed.

14,500 employment growth – no breakdown?

Of the 14,500 employment growth in the first nine months of 2016 – how many were foreigners, PRs and Singaporeans?

In this connection, for the last 18 months to June 2016 – employment growth was 49,000 foreigners against only 500 locals.

Degree holders & 50 and over worse hit for re-entry rate

Degree holders also formed the lowest proportion by education, and those age 50 and over formed the lowest by age – for the rate of re-entry into employment.

Ratio of job vacancies to unemployed at 10-year low

The ratio of job vacancies to unemployed (seasonally adjusted) is also at a 10-year high.

No non-seasonally adjusted unemployment data?

I don’t seem to be able to find the non-seasonally adjusted unemployment rate and number of unemployed Singaporeans in the subject report – but it was 4.1 per cent and 92,300 as of June 2016.

2,700 contractions in 3rd quarter

With the 2,700 contractions in employment change in the third quarter – I believe these may now be even higher.

Leong Sze Hian

 

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.