S'pore's Q1 labour market sees 1st quarterly contraction
in nearly 6 years
SINGAPORE: Singapore's labour market saw its first
quarterly contraction in nearly six years with total employment
falling by 6,200.
This means the number of workers who left their jobs outstripped
those who got hired.
The Manpower Ministry said falling external demand has severely
affected the manufacturing sector, and along with employment losses
in the external-oriented services industries more than offset gains
in the domestic services and construction sectors.
At home, construction employment grew by 8,300 but less than the
gains of 10,700 in the previous quarter.
Services added 7,500 workers, which was again substantially lower
than the gains in the fourth quarter of 2008 which stood at
17,300.
The gains came mainly from community, social and personal services,
supported by public sector hiring.
However, services industries with external exposure like hotels and
restaurants went into the red and netted 2700 jobs, while financial
services saw a net loss of 1,900 jobs.
Transport and storage and wholesale and retail trade were similarly
affected.
- CNA/vm
