Concerns lurk as unemployment rises to 2.1%

Survey shows employment outlook is dim for industries such as transport & storage, financial services, business services and manufacturing.

A brief by the Monetary Authority of Singapore said, “Reflecting the slower expansion in employment, the seasonally-adjusted overall unemployment rate edged up from 1.9% in March 2011 to 2.1% in June. Similarly, the resident unemployment rate rose from 2.7% to 3.0% over the same period. As a result, overall resident wage growth eased from 8.5% y-o-y in Q1 2011 to 6.0% in Q2.”

MAS noted:

Preliminary estimates showed that overall employment gains moderated to 22,800 in Q2 2011, from 28,300 in the preceding quarter. In particular, hiring in services eased by almost a third to 18,800 as most segments added fewer workers in Q2. In comparison, the manufacturing and construction sectors saw a slight pick-up in hiring. Manufacturing expanded employment by 1,300, led by the non-electronics industries while construction added 2,600 jobs due to the ramp-up in public sector projects.

Meanwhile, according to the latest Business Expectations Survey, the employment outlook has softened somewhat in industries such as transport & storage, financial services, business services and manufacturing. However, wholesale & retail trade, accommodation & food services and recreation, community & personnel services have reported stronger hiring expectations.

“Notwithstanding the divergence in employment prospects across the various sectors, overall employment is still expected to grow at a firm pace over the next few months,” said MAS.

Also Read

Four in 10 S’poreans say superiors recognise importance of payments

1 in 2 workers comfortable discussing mental health with mgmt: survey

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit