Singapore’s Ministry of Manpower showed preliminary data revealed that largely unemployed rate will be highest in the first quarter of this year against seven-year
It showed that employment witnessed the major fall in closely 14 years, highlighting the faintness in sectors of the city-state’s national economy. In the first quarter, joblessness rate rose to 2.3 percent from 2.2 percent in the previous quarter. As per the data, total employment came down by 8,500.
An economist for NatWest Markets, Vaninder Singh said factually we encounter this type of statistics only when it is recession situation.
In the fourth quarter of previous year, private depletion spending had tapered nearly 2.3 percent from a past year and there was the first year-on-year failure since the second quarter of 2009.
As per Mr. Singh, it is very sharp opposition at the jiffy. External segments are doing fine however; the domestic sectors have not been doing well.