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2/01/2008

Near full employment

Unemployment rate at 2.1% is as good as full employment. And according to a UOB economist Ho Wei Chean, '...most locals who want a job are able to do so. There is competition but it is not creating a lot of unemployment among locals.' This is good news and as good as tooth, I mean truth. I only hope that our university graduates and professionals are happy driving their taxis. Ok, their income has risen with the taxi fare hike and they should not be complaining. 236,000 jobs were created last year and 61% or 144,000 went to foreigners. 39% went to locals or a new group called 'indigenious workforce.' I call this term ingenious for it does not tell whether they are citizens or non citizens. Anyway full employment is better than unemployment. Parents should still spend hundreds of thousands to send their children to university and they can be assured that if all else fails, their children can still drive taxis and enjoy a mobile office.

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