What is MOM’s data on employment saying? Total growth in employment for 2015 is 23,300 compared to 131,300 and 122,100 in 2013 and 2014 respectively. Of these, local employment, or Singaporeans and permanent citizens took up 700 jobs compared to 82,900 and 96,000 for 2013 and 2014.
The data told of a shrinking economy with lesser jobs being created and lesser jobs going to Singaporeans and PRs. Of the 700 that went to Singaporeans and PRs, how many went to Singaporeans? 50% or less?
Each year’s citizen cohort by birth and coming into the job market is about 33,000. Even if only 50% of the cohort is seeking employment, that is 16,500. Add another 15,000 imports of foreigners, the total number of job seekers would be 31,500.
If the job market continues to shrink or remain at a level less than 30,000, many Singaporeans would have problem looking for a job. When job creation were in the 100,000s, things were ok though some Singaporeans were still finding it tough to land a job, especially the PMEs, how bad would it become if job creation is in the 20,000 level?
Are we heading into a recession? Analysts are saying a recession is around the corner and the worse is yet to be.