Bangkok Post
21 Jun 2008
There is a big churn in the Singapore job market. Even as record numbers of jobs are being created, more people are being retrenched and more are seeking jobs. At the same time, the number of vacancies is shooting up. But while most layoffs are in manufacturing, most vacancies are in the services sector. The market appears to be searching for equilibrium.
Retrenchment jumped in the January-March quarter to cross 2,000 for the first time in more than a year, the latest job figures released yesterday by the Ministry of Manpower showed. A total of 2,274 people were axed in the first quarter of this year, up from 1,966 in the fourth quarter of 2007.
With even more job seekers knocking on employers' doors amid more job openings, the unemployment rate edged up to a seasonally adjusted 2% in March, from 1.7% in December 2007.
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