Job Vacancies Increased In Singapore During Third Quarter Of 2012
The Singapore Ministry of Manpower (MOM) recently released a report revealing that job openings increased in Singapore, which resulted in a rise in job vacancies to job seekers ratio. This statement is one of the key findings of MOM’s “Labour Market, Third Quarter 2012” report released by its Research and Statistics Department.
MOM said that job openings in various companies increasedas opposed to the declines in the preceding two quarters. The seasonally adjusted vacancies rose by 13 per cent over the quarter to 51,500 in September 2012. With the rise in job vacancies, the seasonally adjusted ratio of job vacancies to unemployed individuals rose over the quarter in also in same period, after declining in the two preceding quarters.
“For every 100 job seekers, there were now 125 job openings, up from 91 in June and 105 in March 2012,” MOM said.
Meanwhile, MOM reported that employment growth in the country remained high, while unemployment continued to be low. Although layoffs rose in the third quarter, they remained substantially below recessionary highs.
Total employment grew by 26,200 in the third quarter of 2012, moderating from the growth of 31,900 in the same period last year and 31,700 in the second quarter of 2012.
However, the growth in employment in services slowed from 21,200 in the third quarter of 2011 to 12,700 in the third quarter of 2012 and manufacturing from 3,900 to 3,700. Construction ushered higher employment boosted by public infrastructure projects. An increase of 9,700 is seen in construction employment, which is significantly higher from 6,700 in the same quarter last year.
On the other hand, unemployment rates remained low, reflecting high manpower demand amid the tightening in foreign manpower controls. The seasonally adjusted overall unemployment rate dipped marginally to 1.9 per cent in September 2012 from 2 per cent a quarter ago, while the unemployment rates for residents and Singapore citizens were unchanged at 2.8 per cent and 3 per cent, respectively.
Layoffs rose after declining in the preceding two quarters. “This was one of the few higher quarterly redundancy figures reported in post-recessionary periods, but they remained substantially below recessionary highs,” MOM also informed.