Singapore's Ministry of Manpower released their 3rd Qtr 2008 Labour Market Report this month. Below graphs and charts represents some of the data taken from the report.
Number of retrench workers in Singapore per quarter from 1st qtr 2007 to 3rd qtr 2008
While data for 4th qtr 2008 will only be available on March 2009 at the latest, 3rd qtr retrenched number already indicates a significant rise from the same period last year. It is expected that a spike in the actual number of retrenched workers will be reported for the 4th qtr as some companies have started huge retrenchments starting November 2008, especially in financial institutions and manufacturing.
Distribution of retrenchment per industry
Employment forecast up to end of 2008
With Singapore heavily dependent in export manufacturing and service industries (hotels, resorts, restaurants), the global recession triggered slower product demands from destination countries such as US and Europe and cooling interest in tourist travels.
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