Local employment took a nosedive after two strong years.
Locals of the city-state are finding it a little harder to find a job as the job market has stagnated woefully in 2015.
According to a report by Citi, out of 32.3k jobs created in 2015, local employment was flat at just 0.7K.
This value is even more distressing if you compare it with 2014 and 2013, which saw exceptionally strong growth of 96k and 82.9k respectively.
Meanwhile, while Citi says local job creation actually surged in construction (1.8k) and services (6k), but this was offset by losses in manufacturing (-7.3k).
“Full year job creation at 32.3K was less than a quarter of the 130.1K jobs created in 2014. This is broadly in line with MAS’s implicit expectations in Oct for job creation to slow to less than 50K per annum, from over 100K in recent years,” the report said.
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