Singapore – Unemployment rate up slightly in June, number of layoffs decrease

By memberservices@staffingindustry.com (Danny Romero)

Singapore’s overall unemployment rate stood at 2.2% in June 2017, up 0.1% from the same period last year, according to data from the latest Labour Market Advanced Release from the Ministry of Manpower.

The Labour Market report showed that on a quarterly basis, the seasonally adjusted unemployment rate declined among residents (3.2% in March to 3.1% in June) and citizens (3.5% in March to 3.3% in June). The overall unemployment rate remained at 2.2% in June 2017, unchanged from the quarter ending in March 2017.

Total employment (excluding Foreign Domestic Workers) contracted by 8,400 in the second quarter of 2017, a reversal from growth of 2,100 a year ago and a smaller decline than in the first quarter of 2017 (-9,400). The decline was mainly due to a decrease in Work Permit Holders in Marine and Construction, a result of low oil prices and continued weakness in construction activities respectively. At the same time, employment continued to grow in Services.

Meanwhile, layoffs fell during the quarter. Preliminary estimates from the Ministry showed that fewer workers were retrenched in the second quarter of 2017 (3,500) compared to a year ago (4,800). The number was also lower than the previous quarter (4,000). The decrease over the quarter was broad-based across industries.

Looking forward, the Ministry states that the labour market outlook remains uneven across sectors. Hiring remains cautious in sectors such as Construction and Marine, but opportunities will continue to be available in Finance & Insurance, Infocomms & Media, Healthcare, Professional Services and Wholesale Trade, which are the five sectors recently identified by the Ministry where the potential for job creation is promising.

Source:: Singapore – Unemployment rate up slightly in June, number of layoffs decrease