Singapore Jobless Rate Confirmed at 2.1% in Q2


Singapore’s seasonally adjusted unemployment rate came in at 2.1 percent in the June quarter of 2016, up from 1.9 percent in the previous quarter. It was the highest jobless rate since the first quarter of 2014 and in line with a preliminary estimate. While job seekers outnumbered job openings for the first time since June 2012; layoffs rose, reaching the highest second quarter redundancies since 2009.

In the three months to June, citizen unemployment rose to 3.1 percent from 2.6 percent in the previous quarter and resident unemployment went up to 3.0 percent from 2.7 percent. 

Total employment grew by 4,200, lower than growth in the previous three months (13,000) and the same quarter a year ago (9,700). It was mainly driven by services (7,600), such as community, social & personal services (5,100). Employment also increased for construction (200). In contrast, a decline was seen for manufacturing (-3,400) and others (-200).

Some 4,800 workers were made redundant, up from 4,710 workers in the March quarter and a year ago (3,250). It was the highest second quarter redundancies since 2009. By sector, redundancies rose in services but declined for manufacturing and construction. The bulk of redundancies were from services (62 percent), mainly in wholesale trade (15 percent), professional services (15 percent) and financial services (11 percent). 

About 45 percent of residents made redundant in the first quarter of 2016 secured employment by June 2016, down slightly from 46.0 percent in the previous quarter and 575percent from the same period a year ago. This is the lowest since June 2009 (43 percent). Considering January to June 2016, the number of layoffs stood at 9,510. It was the highest figure since June 2009, which came in at 18,740.

Job vacancies decreased over the quarter to 49,400 from 50,000 in March, continuing the downtrend since March 2015. Coupled with an increase in unemployed persons, the seasonally adjusted ratio of job vacancies to unemployed persons declined further to 93 openings per 100 seekers in June from 103 in March. Job vacancies fell short of job seekers for the first time since June 2012, when those were at 98.

Singapore Jobless Rate Confirmed at 2.1% in Q2


Ministry of Manpower l Rida Husna | rida@tradingeconomics.com
9/15/2016 5:43:12 AM