TL;DR – Unemployment rises, slower economic conditions.
The Ministry of Manpower has released its Labour Market Report for the First Half of 2016 and here are some key numbers to chew on,
The seasonally-adjusted unemployment rate rose to 2.1 per cent in June this year, up from 1.9 per cent in March.
This means that 4,800 workers were made redundant as a result of retrenchment or released prematurely from term contracts due to redundancy.
Unemployed persons outnumbered job vacancies for the first time since June 2012.
So what happens now?
The government will increase its efforts with employers and unions to transform industries, create more jobs of higher quality and help retrenched workers to seize new job opportunities.
And in the meantime, sit tight and be prepared.
The worst is yet to be.
