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.