Jobless Rate Is Too Low, Only 2.5%
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The beauty of the Internet
http://news.ft.com/cms/s/2373ee60-9300-11da-ab7b-0000779e2340.html
Singapore jobless rate falls to five-year low
By John Burton in Singapore
Published: February 1 2006 10:43 | Last updated: February 1 2006 10:43
Singapore said on Wednesday its unemployment rate last year fell to a provisional 3.2 per cent, the lowest since 2001, although the figure was flattered by a recent change in how the data was measured.
The improving job data and a new government survey saying manufacturers were optimistic about the outlook for the first half of 2006 is expected to increase chances of the government calling a general election soon.
In the fourth quarter, the unemployment rate fell to a seasonally adjusted 2.5 per cent due to a stronger economy and increased hiring in the services sector.
However, the jobless rate among Singapore citizens and permanent residents remained higher at 3.3 per cent in the fourth quarter after peaking at 4.5 per cent in June.
The government decided last year to revise the measurement of unemployment to include foreign workers who have temporary work permits, including construction workers living on site and those who commute to Singapore from Malaysia.
"The revision has the effect of reducing the overall unemployment rate as...(the) total labour force is now larger, taking into account full coverage of the foreign workforce," said the ministry of manpower, which compiles the statistics.
Unemployment rates for foreign workers are lower since they normally lose their work permits and can no longer stay in Singapore if they become jobless.
The ministry said the revision was needed to establish a common methodology for government statistical surveys.
The jobless rate is closely watched when there is a growing debate about a widening gap between rich and poor, with elderly unskilled workers having a tougher time finding new jobs as Singapore moves towards higher-valued manufacturing.
The government also recently revised upward last year's economic growth rate to 6 per cent from 5.7 per cent after it recalculated data, as it does every five years.
Singapore's jobless rate before the 1997-98 Asian crisis was around 2 per cent, but climbed to a peak of 5.2 per cent in 2003 for residents before declining again.
A recent recovery in manufacturing and stronger growth have cut the jobless rate in the last two years. The economy is expected to expand by at least 5 per cent this year, according to private economists.
The number of new jobs increased to 110,000 last year, the strongest increase in nearly five years, due to a growing services sector and a recovery in construction.
The government wants to add service jobs by opening two casino resorts to balance an overall decline in manufacturing jobs.
Singapore's manufacturing sector employs about 18 per cent of the 2.1m workforce, down from a third in 1995, and more retrenchments are expected as companies shift production to China and Malaysia.
Employment in the electronics sector, Singapore's biggest manufacturing industry, is expected to increase slightly this year due to increased global demand, the government said in its latest survey on business confidence among manufacturers. -
But are the criteria stable and consistent with worldwide standards? Thats what you need to ask yourself. Otherwise the whiners could well be spinning with baseless arguments for all you know.Originally posted by BillyBong:Quite simply, figures are there to be manipulated to anyone's benefit.
They are seldom accompanied by initial conditions, market assumptions, or control indicators for reference purposes. There is no way to determine the accuracy of the results however you front it.
The figures are always judged from one's POINT OF VIEW. -
who cares about worldwide standard? go out and see for yourself how many people are unemployed out there.Originally posted by Salman:But are the criteria stable and consistent with worldwide standards? Thats what you need to ask yourself. Otherwise the whiners could well be spinning with baseless arguments for all you know. -
2.5% is the true but it is half truth, Politicians and lawyers are the best at it arent they? NKF tells truths too right?
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'TRUTH' depends on who and where you are seeing it from.Originally posted by Calvin86:2.5% is the true but it is half truth, Politicians and lawyers are the best at it arent they? NKF tells truths too right? -
From ST
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SINGAPORE : Political watchers say Singapore's next General Election will likely be fought upon bread and butter issues.
When Singaporeans went to the polls in the last General Election in 2001, unemployment was at a high; many had wanted jobs that could in turn provide better lives.
Some four years later, political watchers say such issues will still form the backbone of the upcoming contest, due by June next year.
Said Dr Gillian Koh, research fellow, at the Institute of Policy Studies, "Certainly on employment, on health care -- maybe some people will still remember the issues on transport costs. I think that last time round, there was some discussion about the education system. There is always this nagging question to which we can tweak and adjust the foreign worker policy, does that foreign worker policy mean a heavy price, a trade-off for us."
The past years saw numerous initiatives to improve the people's lives and to shore up the economy.
Last June, the ComCare Fund with an annual budget of over S$10 million was set aside to help the needy.
Soon, more measures will be announced as part of Workfare to cast a wider social safety net for the lower income families.
There are also programmes to redesign jobs and re-skill older workers so they can stay employed.
Political watchers say the PAP has a fair report card for the manner in which it tackled the recession, globalisation and SARS, among others; but it is important to see if these filter to the ground.
Going forward, some issues which need addressing include narrowing the income gap as well as promoting a freer and more inclusive society.
Said former Nominated MP Chandra Mohan, "I believe the PAP will have better mileage by being liberal. Probably by having that Singaporeans will have not just economic progress but progress in terms of the Singapore soul. That is important if you want the international community to judge us not just by economic progress, which is a given almost now. The next phase of progress is more difficult, that is the mental phase of progress"
And it isn't just some political watchers who expect the PAP to face a tougher challenge at the upcoming polls.
Senior Minister Goh Chok Tong had also commented that the ruling party will face tougher competition this time round as the opposition parties have been preparing for their campaign.
For now, many questions beg answers -- when is the election; what are the electoral boundaries; who are the new candidates?
More, hopefully, will be revealed after the Budget on February 17. - CNA /ct -
Anyone can be classified as 'spinning baseless arguments' if there is no background data to support the figures. Alternatively, many others will use the figures to support their arguments, based on his/her assumptions. And still others can counter-argue using the same figures but warped to their benefit and angle of attack. It's up to the individual to decide.Originally posted by Salman:But are the criteria stable and consistent with worldwide standards? Thats what you need to ask yourself. Otherwise the whiners could well be spinning with baseless arguments for all you know.
Ultimately, figures are just cannon fodder and not a measure of true market conditions.
Demographics and length of unemployment are not declared, hence there is nothing to determine which age group is targeted (perhaps all?!) and the duration in which unemployment is classified (6mths? or a year or more?).
Should we continue to blindly quote and accept figures based on little more than projected information and supposition provided by sources who fail to produce their references? -
The Unemployment Rate of Singapore is a potential election issue.
That is why there is a need to release some "positive" figures to convince the people that the economy is recovering.
By including the foreign workers into the unemployment rate, the million dollar elite have FINALLY presented a LOW unemployment rate to be published on the 100 year old newspaper.
But, the truth is out there among the people. -
If they could fudge one figure why not other figures as well?
Iras was found to make accounting errors about GST collection
http://64.233.179.104/search?q=cache:1jobTzvIv5sJ:straitstimes.asia1.com.sg/forum/story/0,5562,363782-1136843940,00.html+Iras+GST+collection+errors&hl=en&gl=sg&ct=clnk&cd=1
Economy is booming so strongly but exports are down. Singapore is an Export oriented economy, so exports should be a more accurate indicator of Singapore's real state of economy. GDP figures can be boosted by loose fiscal policies or commisioning of public projects
SINGAPORE Exports from Singapore declined for the third month in four in November as companies including Merck and Chartered Semiconductor Manufacturing shipped fewer pharmaceuticals and electronics.....
http://www.iht.com/articles/2005/12/18/bloomberg/sxsing.php
http://www.singapore-window.org/sw05/051102a1.htm
http://www.singapore-window.org/sw05/050419ih.htm
http://www.singapore-window.org/sw05/051017ih.htm -
You are whining or what? I don't get you.
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What is it you cant understand? Please go to chit chat if you cannot understand the postings in the politcal forum.Originally posted by ndmmxiaomayi:You are whining or what? I don't get you.
If you want to participate, you should try to learn or ask questions to clarify. I have seen your other postings on other forums and you are quite knowledgeable about computers. I dont expect this coming from a person who know so much about IT as IT knowledge is usually acquired on the job. -
I'm still jobless after 9months despite having 6 years expereince structuring financial deals overseas. have a degree in accountancy and a masters in finance.have no clue what the front page of Straits Times, jobless 2.5% unemployment rate, is talking about.i guess its election year!
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You are too picky lah.Originally posted by gill_hfc:I'm still jobless after 9months despite having 6 years expereince structuring financial deals overseas. have a degree in accountancy and a masters in finance.have no clue what the front page of Straits Times, jobless 2.5% unemployment rate, is talking about.i guess its election year!
According to the people at the top, there are cleaning and service jobs in abundance everywhere, all created just for unemployed people like you.
All you need is to be open minded, have some upgrading of skills and a willingness to accept a lower pay.
And if you can wait for a few more years, the IR will provided even more jobs for you to choose from.
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oopsOriginally posted by ditzy:Guess no one bothered to read up yesterday and this morning's paper. 
still cny mood. -
I have got a friend who are in the same position. double degree with a master in finance and came back to singapore couldnt find a job in the banking industry. So end up working at some IT sales position.Originally posted by gill_hfc:I'm still jobless after 9months despite having 6 years expereince structuring financial deals overseas. have a degree in accountancy and a masters in finance.have no clue what the front page of Straits Times, jobless 2.5% unemployment rate, is talking about.i guess its election year!
guess it is about timing and luck when you are looking for job. -
High ended jobs usually end up with "foreign talent".Originally posted by Gazelle:I have got a friend who are in the same position. double degree with a master in finance and came back to singapore couldnt find a job in the banking industry. So end up working at some IT sales position.
guess it is about timing and luck when you are looking for job.
I reckon if you check up on some of the credentials of these foreign talents, you will find that they only have a general degree. And they are doing the job that all the local double degree holders are coveting for. -
I helped the unemployed in my community. They are all having stable jobs now.Originally posted by Calvin86:2.5% is the true but it is half truth, Politicians and lawyers are the best at it arent they? NKF tells truths too right? -
Foreign talent don't get high end jobs, they actually end up doing administration and programming jobs that locals don't do.Originally posted by charlize:High ended jobs usually end up with "foreign talent".
I reckon if you check up on some of the credentials of these foreign talents, you will find that they only have a general degree. And they are doing the job that all the local double degree holders are coveting for. -
Since 2002, forumers including myself have posted many feedbacks to the Feedback Unit urging the government to go for broad-based practical education and to avoid pushing everyone to pursue the academic studies in our universities as they may end up becoming the future educated unemployed.Originally posted by gill_hfc:I'm still jobless after 9months despite having 6 years expereince structuring financial deals overseas. have a degree in accountancy and a masters in finance.have no clue what the front page of Straits Times, jobless 2.5% unemployment rate, is talking about.i guess its election year!
Many feedbacks were given to MOM too on the risk of emphasising on academic results alone and to equip the students with skills to apply practical knowledge to feed the future business entrepreneurs to start up their own business.
I have repeatedly urged the government to promote practical knowledge applications in schools so that the students will be imbibed with business skills to go into business.
The government appears to stonewall these suggestions and did not give any replies but had continued with their wasteful, aimless and directionless academic education system with no news to promote any broad-based practical education to help people to go into business or get jobs.
Forumers will remember that it was after Tharma became the MOM that there was some late changes to the wasteful academic education system.
This incident clearly showed that our academic scholars and leaders heading the EDB, MTI, SPRING and MOE and university boards could be extremely wrong and lacking foresights and wisdom in education and job creations although the leaders have claimed themselves to be the world's best.
Now our students are lagging behind in practical knowledge applications which can be better acquired during formative years and many have earned their academic degrees only to fall into the academic education trap.
Today government has still not listened to good suggestions and have ignored people's feedbacks as whinings and refused to change the wrong policy assumptions of M/W amd because the leaders are over-confident about their own talents or foresight.
They will live to learn more of their mistakes inclduing creating a nation of educated unemployed and more structural unemployed. -
I sense some contradiction in Salman's first post. Don't quite really get that. Maybe I think too much.Originally posted by Calvin86:What is it you cant understand? Please go to chit chat if you cannot understand the postings in the politcal forum.
If you want to participate, you should try to learn or ask questions to clarify. I have seen your other postings on other forums and you are quite knowledgeable about computers. I dont expect this coming from a person who know so much about IT as IT knowledge is usually acquired on the job. -
Quite wrong if you think that way. My cousin, working in a IT company, says that there are quite a lot of foreigners in her department. And some of them earns a lot. And they are experts at certain areas which the locals lack, like networking and security.Originally posted by Salman:Foreign talent don't get high end jobs, they actually end up doing administration and programming jobs that locals don't do. -
Originally posted by robertteh:
Then you shld have gotten a general degree yourself and not a professional degree. You get to choose your own courses in university and not the govt.
Since 2002, forumers including myself have posted many feedbacks to the Feedback Unit urging the government to go for broad-based practical education and to avoid pushing everyone to pursue the academic studies in our universities as they may end up becoming the future educated unemployed.
Then go for practical skills in your university.
Many feedbacks were given to MOM too on the risk of emphasising on academic results alone and to equip the students with skills to apply practical knowledge to feed the future business entrepreneurs to start up their own business.
Aren't you now contradicting yourself already from paragraph one to two?
They already do. But if you want to be inflexible on your part, what the heck! Don't blame the govt.
I have repeatedly urged the government to promote practical knowledge applications in schools so that the students will be imbibed with business skills to go into business.
I don't think you know what is going on in education today.
The government appears to stonewall these suggestions and did not give any replies but had continued with their wasteful, aimless and directionless academic education system with no news to promote any broad-based practical education to help people to go into business or get jobs.
If you put Tom Dick and Harry there, it would be worst.
Forumers will remember that it was after Tharma became the MOM that there was some late changes to the wasteful academic education system.
This incident clearly showed that our academic scholars and leaders heading the EDB, MTI, SPRING and MOE and university boards could be extremely wrong and lacking foresights and wisdom in education and job creations although the leaders have claimed themselves to be the world's best.
Again you contradict yourself.
Now our students are lagging behind in practical knowledge applications which can be better acquired during formative years and many have earned their academic degrees only to fall into the academic education trap.
Don't talk abt govt, nobody will take your rants seriously either.
Today government has still not listened to good suggestions and have ignored people's feedbacks as whinings and refused to change the wrong policy assumptions of M/W amd because the leaders are over-confident about their own talents or foresight.
If fellas like you run Singapore, we would be unemployed, poor, corrupt and w/o free speech. [/quote]
They will live to learn more of their mistakes inclduing creating a nation of educated unemployed and more structural unemployed. -
Then no choice, you have to employ them.Originally posted by ndmmxiaomayi:Quite wrong if you think that way. My cousin, working in a IT company, says that there are quite a lot of foreigners in her department. And some of them earns a lot. And they are experts at certain areas which the locals lack, like networking and security.
But Singaporeans do possess many skills in IT, not the top level ones though because we are basically users, not developers and we don't like to get our hands dirty for too long. We also tend to job hop a lot over small things. -
If I am not wrong, your reply was to salman's post and not calvin who misunderstood your reply as directed at him as he also typing but his post appeared before your reply to salman so making your reply look like directed at calvin. haha kaypoh lahOriginally posted by ndmmxiaomayi:I sense some contradiction in Salman's first post. Don't quite really get that. Maybe I think too much. -
IT is not just about dirty jobs. There's a soft side to it. If you are thinking about those hardware, yes. They can be quite dirty if you don't clean. The software part isn't.Originally posted by Salman:Then no choice, you have to employ them.
But Singaporeans do possess many skills in IT, not the top level ones though because we are basically users, not developers and we don't like to get our hands dirty for too long. We also tend to job hop a lot over small things.