Employment Situation in Second Quarter 2008
Employment
Preliminary estimates show that employment grew by 70,600 in the second quarter this year. This is slightly lower than the increase of 73,200 in the previous quarter but higher than 64,400 in the second quarter of 2007.
2. Driven by the robust expansion in building activities, employment in construction rose by a record 22,100 in the second quarter this year, substantially higher than the quarters before (Table 1). Outside of construction, employment growth has moderated from the previous quarter. Services added 37,600 workers in the second quarter of 2008, down from the gains of 46,500 in the previous quarter but still slightly higher than 36,800 in the second quarter of 2007. Manufacturing posted gains of 10,200, down from the increase of 11,800 in the preceding quarter and 15,900 in the same quarter a year ago.
Table 1: Employment
(In Thousands)
| |
Employment Change |
Employment Level as at Jun 2008 p |
| 2Q 07 |
3Q 07 |
4Q 07 |
1Q 08 |
2Q 08P |
| Total* |
64.4 |
58.6 |
62.5 |
73.2 |
70.6 |
2,874.6 |
| Manufacturing |
15.9 |
12.4 |
10.9 |
11.8 |
10.2 |
588.8 |
| Construction |
10.9 |
11.3 |
12.7 |
14.5 |
22.1 |
332.5 |
| Services |
36.8 |
34.1 |
38.5 |
46.5 |
37.6 |
1,933.7 |
P: Preliminary estimates
*: Data for the three major sectors do not add up to the total as the latter includes agriculture, fishing, quarrying, utilities and sewerage & waste management.
Retrenchment
3. After rising for two consecutive quarters, retrenchment has eased in the second quarter to about the same level as a year ago. Preliminary estimates show that 1,900 workers were retrenched in the second quarter of 2008, down from 2,274 in the previous quarter, but comparable to 1,918 in the second quarter of 2007.
4. The slowdown in retrenchment came from manufacturing which laid off 1,300 workers compared to 1,724 in the previous quarter. On the other hand, retrenchment rose in the services industries from 543 to 600, but they still accounted for a smaller share (32%) of the workers retrenched than the manufacturing sector (68%).
Table 2: Retrenchment
| |
2Q 07 |
3Q 07 |
4Q 07 |
1Q 08 |
2Q 08P |
| Total* |
1,918 |
1,827 |
1,966 |
2,274 |
1,900 |
| Manufacturing |
1,352 |
1,254 |
1,266 |
1,724 |
1,300 |
| Construction |
7 |
7 |
5 |
2 |
- |
| Services |
559 |
566 |
695 |
543 |
600 |
P: Preliminary estimates
*: Data for the three major sectors may not add up to the total as the latter includes agriculture, fishing, quarrying, utilities and sewerage & waste management.
‘-‘: nil or negligible
Unemployment
5. Amid the economic uncertainties, the unemployment rate rose for the second consecutive quarter, after improving to pre-Asian crisis levels in the second half of 2007. The overall unemployment rate rose from a seasonally adjusted 1.7% in December 2007 to 2.0% in March 2008 and further to 2.3% in June 2008. The increase among the resident labour force was from 2.4% in December 2007 to 2.9% in March 2008 and 3.1% June 2008. The prevailing overall and resident unemployment rates are at the same levels as a year ago in June 2007.
Table 3: Unemployment Rate
| |
Jun 07 |
Sep 07 |
Dec 07 |
Mar 08 |
Jun 08P |
| Seasonally Adjusted |
| Overall (%) |
2.3 |
1.7 |
1.7 |
2.0 |
2.3 |
| Resident (%) |
3.1 |
2.4 |
2.4 |
2.9 |
3.1 |
| Non-Seasonally Adjusted |
| Overall (%) |
2.9 |
1.5 |
1.6 |
1.8 |
2.9 |
| Resident (%) |
4.0 |
2.1 |
2.3 |
2.6 |
4.0 |
P: Preliminary estimates
6. On a non-seasonally adjusted basis, the overall unemployment rate rose from 1.8% in March 2008 to 2.9% in June 2008, reflecting the increase in job seekers as this year's batch of tertiary graduates entered the labour market and students looked for work during the mid-year school vacation. Among the resident labour force, the non-adjusted unemployment rate was 4.0% in June 2008. An estimated 77,800 residents were unemployed in June 2008. The seasonally adjusted figure was 60,900.
More Information
7. Information on data sources and coverage, as well as definitions of key concepts used in the report is in the attached Explanatory Notes. The preliminary data estimates are available online at the Ministry of Manpower's website. A more detailed breakdown of the preliminary estimates will be released in the Economic Survey of Singapore, Second Quarter 2008.
8. The above is a statistical release of the Manpower Research and Statistics Department of the Ministry.
Upcoming Publications
9. The Ministry's Manpower Research and Statistics Department will be releasing the report on the Labour Market, Second Quarter 2008 on 15 September 2008.