Singapore Jobless rate hits 4.8% - going to worsen

According to Straits Times, Singapore jobless rate the unemployment rate for Singaporeans and permanent residents hit a five-year high of 4.8 per cent last month, but this is still below the peak reached during the Sars crisis in 2003 (the jobless rate for locals rose to 6.2 per cent in September during Sars).

I remember in the days when I was in school, teacher told us the jobless rate of 3% is normal, anything higher will be bad economic. However, most analysts agreed that the recession has not bottomed out yet, so the jobless level is expected to worsen. The current swine flu outbreak adds to uncertainties over the economy and job market.

The job losses are:
9,000 from the manufacturing sector
2,900 from the services sector
700 from construction

Strange, why the financial sector didn't see the massive job loss? I thought they are the one that account for this financial crisis. For details number, can refer to the MOM website. However, compared with Hong Kong jobless rate of 5.2%, Singapore still slightly lower. And same as Hong Kong, we get the news that property market is getting hot, you always hear the news that people queue for house, or some projects fully sold. This is really strange....... can anyone tell me?


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