|Employment Situation in Fourth Quarter 2007|
|Thursday, 31 January 2008 15:49|
EmploymentThe strong economy led to another record-breaking year for employment creation in 2007. Preliminary estimates show that employment grew by 64,200 in the fourth quarter of 2007, considerably higher than the gains of 51,500 in the same period a year ago and 58,600 in the third quarter of 2007. This brought total employment creation in the whole of 2007 to 236,600, far surpassing the 176,000 in 2006.All major sectors registered employment growth in 2007. The services sector saw the largest employment gains of 144,100, boosted by rapid increase in hirings across a wide range of industries led by financial and professional services. The booming construction sector added 40,900 workers, double the increase in 2006. Manufacturing employment rose by 49,400, supported by strong manpower demand in marine and offshore engineering.Table 1.1: Employment (In Thousands)
Locals also known as residents refer to Singapore citizens and permanent residentsData may not add up due to rounding Retrenchment
Preliminary findings show that 1,500 workers were retrenched in the fourth quarter of 2007, lower than the 1,827 retrenched in the previous quarter and only around half the 3,215 retrenched in the same quarter a year ago. Of every ten workers retrenched in the quarter, six were from the manufacturing sector (900), reflecting the on-going restructuring in the electronics industry. The remaining four were laid off from the services sector (600).
Table 2.1: Retrenchment (Quarterly)
Preliminary estimatesTotal includes agriculture, fishing, quarrying, utilities and sewerage & waste management.nil or negligible Retrenchment is at its lowest in 14 years. For the whole of 2007, 7,200 workers were retrenched, substantially lower than 12,603 in 2006. Manufacturing formed the bulk of retrenchments (4,900), followed by services (2,300).Table 2.2: Retrenchment (Annual)
Preliminary estimates Total includes agriculture, fishing, quarrying, utilities and sewerage & waste management. nil or negligiblePrior to 2006, data pertain to private sector establishments each with at least 25 employees. From 2006 onwards, data also include the public sector. Unemployment 8. Supported by robust job creation, the unemployment rate dropped to a decade low, comparable to pre-Asian crisis levels. The seasonally adjusted overall unemployment rate dipped further to 1.6% in December 2007 from 1.7% in September 2007. The resident unemployment rate remained at a low of 2.3%, unchanged from a quarter ago.9. An estimated 45,200 residents were unemployed in December 2007. The seasonally adjusted figure was 45,600.Table 3.1: Unemployment Rate (Quarterly)
P: Preliminary estimates10. For the whole year of 2007, overall unemployment rate averaged 2.1%, down significantly from 2.7% in 2006 and 3.1% in 2005. Similarly, the resident unemployment rate fell to 3.0% in 2007 from 3.6% in 2006 and 4.1% in 2005. Both the overall and resident unemployment rates in 2007 are at their lowest in a decade. On average, 56,900 residents were unemployed in 2007, down from 67,600 in 2006 and the high of 91,200 in 2003.Table 3.2: Unemployment Rate (Annual)
P: Preliminary estimatesAnnual figures are the simple averages of the unemployment figures obtained at quarterly intervals. For More Information11. 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, 2007.12. The above is a statistical release of the Manpower Research and Statistics Department of the Ministry.Upcoming Publications13 The Ministry's Manpower Research and Statistics Department will be releasing the report on the Labour Market, 2007 on 14 March 2008.