Overall unemployment here hits three-year high
Singapore's overall unemployment rate has hit a three-year high of 3.3 per cent. In the first quarter of 2009, 10,900 workers were retrenched, while 1,860 had their contracts prematurely terminated, contributing to a total loss of 12,760 jobs.
The labour market is experiencing its first quarterly contraction in nearly 6 years, as the number of workers who lost their jobs exceeded the number of workers hired. According to the Ministry of Manpower, a total of 95,700 residents were unemployed in March.
Most job losses come from the manufacturing sector, which has been affected by falling external demand. Services industries with external exposure like hotels and restaurants were also hit, while financial services saw a net loss of 1,900 jobs.
Domestic services and construction experienced gains, with the latter growing by 8,300 jobs. As for domestic services, gains came mainly from community, social and personal services, boosted by public sector hiring.