The Malaysian Insider, 1 Nov 2008
SINGAPORE, Nov 1 — The impact of the global economic slowdown is showing in three key engines powering Singapore's economy, according to preliminary figures released yesterday on the employment situation here. Although the unemployment rate held steady at 2.2 per cent, the manufacturing, services and construction sectors added 20 per cent fewer jobs in the last quarter as the employment outlook darkened in response to the current financial crisis.
Echoing the view of other analysts who point to a time lag before the global downturn's full impact hits home, Standard Chartered Bank economist Alvin Liew said of the Manpower Ministry's report on employment in the third quarter: “We have not seen the worst.”
The report showed that overall, 57,800 jobs were added here in the three months that ended on Sept 30 this year.
This was down from 71,400 jobs added in the previous quarter, and slightly less than the 58,600 jobs added in the third quarter of last year.
Read More
