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     FrontPage Edition: Sun 3 February 2008

 Employment situation in 4th quarter 2007

Source: www.mom.gov.sg

Employment Situation in Fourth Quarter 2007

Employment creation hits another record high, bringing unemployment rate down to its lowest in a decade
Employment
The 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.

(In Thousands)

 
Employment Level as at Dec 07 p
Total*
2,732.5
Manufacturing
566.9
Construction
296.4
Services
1,850.7
P: Preliminary estimates
*: Total includes agriculture, fishing, quarrying, utilities and sewerage & waste management
Data may not add up due to rounding
Both locals and foreigners benefited from the strong job creation. Local employment grew by 92,100 in 2007, slightly more than the gains of 90,900 in 2006. This is the third successive year that local employment creation has set new record highs.
Given the limits to the growth of Singapore's indigenous workforce and the larger base of jobs created, the local share of total employment created dropped from 52% in 2006 to 39% in 2007, even though the absolute gains in employment taken up by locals increased over the period.
Foreign employment rose by a new high of 144,500 in 2007, enabling the economy to grow beyond the limits of Singapore's indigenous workforce. As at December 2007, there were 900,800 foreigners forming one in three (33%) of the 2.73 million persons employed in Singapore. The majority or two thirds (67% or 1.83 million) of the workforce were locals.
More.....

Source: www.mom.gov.sg Press Release 31 Jan 2008

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