MOM’s Singapore Job Outlook For Q2 2012 Healthy
The latest data released by the Ministry of Power of Singapore show that the country’s employment situation has improved during the second quarter of 2012 because of job vacancies generated by a growing demand in the various sectors and a decline in employment dismissals.
Based on MOM’s “Employment Situation, Second Quarter 2012″ report, the number of employment has increased by 29,200 during the second quarter, a 2,000 quarter-on-quarter increase, and 4,400 year-on-year increase.
The construction and manufacturing sectors contributed to the majority of the job generation, according to the report. Jobs in the construction industry have increased by 9,500 while jobs in manufacturing have grown by 4,500. Meanwhile, although the increase wasn’t as significant in the services sector, jobs in the said industry increased by 15,500. This reflected a considerable decline in growth, although the service sector still shared that a majority of job gains during Q2.
Layoffs, on the other hand, have gone down to around 2,300 employees. As with employment gains, the decline in layoffs also came from the service sector, although a noticeable decline can be observed as compared with the results of the last two quarters.
Interestingly, white-collar workers, specifically those coming from the financial sector in the Eurozone, have also contributed to a spike in the employment activities of Singapore. The inquiry about job vacancies and relocation opportunities in Singapore from countries in Europe have increased following the debt crisis.
Job base rates have also increased for fresh graduates as compared to the previous year, according to data released by global consultancy firm Hay Group.
MOM’s data only goes to show how employment opportunities in Singapore are improving and how the economy is being able to weather the financial crunch. Overall, the movements in the manufacturing and construction sectors reflect the healthy state of the local economy, which serves as a drive for constant economy growth.