Channel NewsAsia as usual, is very optimistic. It says more jobs were created in early 2008. Hooray! Oh, but wait...
CNBC carrying a report by Reuters, paints a bleak picture. It says that the jobless rate in Singapore has risen and may climb further.
So which is it? More jobs or more jobless? Argh! I'm confused.
10 comments:
I'd go for the second one by Reuters anytime.
That's why I prefer foreign media because it gives us a more unbiased picture.
I think there's one time when Channel NewsAsia themselves were confused.
I see that you decided to use the CNBC headline for your Topix news posts yesterday instead of the CNA one. ;oP
Channel NewsAsia's confusion.. see this for yourself:
http://www.mrbrown.com/blog/2008/02/make-up-your-mi.html
Citigroup economist Kit Wei Zheng said the rise in unemployment was "likely due to labour force growth outpacing jobs growth, rather than an increase in retrenchment".
He added: "The tight labour market of the previous few quarters likely attracted more entrants into the resident labour force (Singaporeans and permanent residents) than could be absorbed by existing labour demand."
http://www.todayonline.com/articles/251409.asp
Due to labour force growth outpacing jobs growth? Still jobless wat!!
It's possible to have more jobs created, but higher jobless rate... if those jobs are not taken up by choosy Singaporeans lah. - Jolie
I'll tell you what it means.
More jobs were created - correct - but those jobs went to foreign workers, and that is why the unemployment rate for Singapore citizens and PRs is getting higher.
Our bullshit Ministers and media are forever harping on the fact that more jobs are being created.. only the stupid would think those jobs without a minimum wage are being created for them.
Structural unemployment arises when the job seekers do not have the skills to match the jobs available. So if jobs were created (Eg. in wafer fabrication facilities, the local population might not have the skills required for the job thus the case when more jobs created, but unemployment rises)
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