SINGAPORE (June 15): Singapore’s labour market is feeling the weight of the Covid-19 health-turned-economic crisis, as total employment contracted sharply by 25,600 in 1Q20 ended March. The data was revealed in the Ministry of Manpower's (MOM) Labour Market Report published on Monday.
The latest data is even steeper than the 19,900 decline predicted in the MOM’s advance estimates published on April 29, and marks Singapore’s largest quarterly contraction on record since the SARS pandemic which saw hiring plummet by 24,000 in 2Q2003.
