Singapore Unemployment Rate Up to 2% in Q2



Singapore’s seasonally adjusted jobless rate increased 2.0 percent in the second quarter of 2015 from 1.8 percent in the previous period and missing market forecasts. Amid softer economic conditions, the rates for residents and citizens also rose 2.8 percent and 2.9 percent respectively.

According to preliminary estimates, in the June quarter layoffs fell for the second consecutive quarter. Some 3,100 workers were made redundant, down from 3,500 in the preceding quarter but above the second quarter last year (2,410). The decline in layoffs over the quarter was mainly due to construction (from 610 to 300) and manufacturing (from 950 to 800), which more than offset a slight increase from services (from 1,930 to 2,000).

Overall employment grew by 15,700 in the second quarter of 2015 after contracting last quarter (-6100). The increase moderated from a year earlier (27,700). Services employment grew faster (11,400) than the previous quarter (4,300), though slower than a year ago (25,200). Construction employment increased by 7,800, following a decline (-3,600) in the previous quarter, as public sector construction activities rose. In contrast, employment in manufacturing contracted more slowly (-3,500) than in the previous quarter (-6,900), but faster than a preceding year (-2,100). 

There were 3,633,500 persons in employment in June 2015, an increase of 2.4 percent from a year ago but lower than a 2.7 percent rise in March 2015.

Singapore Unemployment Rate Up to 2% in Q2


Ministry of Manpower l Rida Husna l rida@tradingeconomics.com
7/30/2015 4:31:34 AM