The latest Labour Market Report by MOM is out. It covers the statistics from Quarter 2 (Q2) of this year.
The numbers show that employment growth is still high with 33,700 jobs created and total employment was at 3,420,200 in June 2013. The seasonally adjusted vacancies declined over the quarter by 5.1% in June 2013, after rising 17% in March 2013. Despite the dip, “there were still more job openings than job seekers available,” said the report.
As usual, the services sector made up the bulk of the employment gains; from 17,300 (2012) to 22,700 (2013) in Q2. The good news is that unemployment is still low despite the slight hike from 1.8% in December 2012, 1.9% in March 2013 and 2.1% in June 2013.
Of course, the restructuring and control of foreign talent inflow has had it effects. The foreign employment growth slowed from 34,100 in 2012 to 27,000 in Q2 of 2013. That is an estimated 20%? drop from 2012. As Acting Minister for Manpower Tan Chuan-Jin said in an earlier statement “We will continue to press on with restructuring for quality economic growth that will generate good job opportunities for Singaporeans”.
As for the unemployment rates, the seasonally adjusted overall unemployment rate was 2.1% in June 2013, up from 1.9% in March 2013 and 1.8% in December 2012. Long-term unemployment remained stable; 15,400 unemployed residents making up 0.7% of the resident labour force in June 2013 had been looking for work for at least 25 weeks. Broadly speaking, this is unchanged from the same period in the preceding two years.
Check out the videographic by MOM here: