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Unemployment And Layoffs Declined In Singapore For Q2

The “Labour Market, Second Quarter 2012″ report released by the Singapore Ministry of Manpower’s (MOM) Research and Statistics Department revealed that unemployment and layoffs declined in the second quarter of this year in Singapore, reversing the slight increase a quarter ago.

According to MOM, the drop in unemployment was due to the creation of more jobs in the second quarter. Total employment grew by 31,700 in the said period of this year, higher than the gains of 24,800 in the same period last year and 27,200 in the first quarter of 2012. Cumulatively, employment rose by 58,900 in the first half of 2012 compared with the increase of 53,100 in the corresponding period of 2011.

The majority of employment gains in the 2nd quarter were contributed by services industry with a total of 17,300 jobs. But the present figure was slower than the gains created by the industry in the same period last year with 19,300 jobs.

Meanwhile, growth in construction workforce increased for the seventh successive quarter. Manufacturing also contributed to employment gains for the second quarter, as employment in the industry grew by 4,700. Gains in petroleum, chemical and pharmaceutical sectors outnumbered the declines in the electronic, computer and optical products sector.

MOM declared that amid the strong employment creation, unemployment declined in June 2012, after the slight rise a quarter ago. The seasonally adjusted overall unemployment rate dipped over the quarter by 0.1 percent to 2.0 percent in June, erasing the increase in March; while the jobless rate for residents and citizens declined by 0.2 percent to 2.8 percent and 3.0 percent respectively.

The long-term unemployment rate was unchanged over the year at 0.7 percent. Some 15,700 or 20 percent of the unemployed residents had been looking for work for at least 25 weeks in June 2012, similar to 15,500 or 19 percent a year ago.

Layoffs fell for the second successive quarter, after rising in the fourth quarter of 2011. 2,210 workers were made redundant in the second quarter of 2012, down from 2,600 in the first quarter of 2012 and 3,250 in the fourth quarter of 2011. Based on CPF records, three in five residents laid off in the first quarter of 2012 found a job by June 2012.

MOM also said that amid the subdued global economic outlook, the number of job vacancies declined over the year by 15 percent to 47,300 in June 2012. After adjusting for seasonality, job openings fell over the quarter by 8.9 percent to 45,600. This was the second consecutive quarter of decline after job openings hit high at 55,400 in December 2011.