Statistics indicate that layoffs are rising in Singapore. In 2Q 2016, the numbers were higher than in the first quarter, and also higher than a year ago.
Employment growth has continued to slow as well.
These conclusions come from a Labour Market Report, released by the Ministry of Manpower (MOM).
Here are the details.
Unemployment went up for both residents and citizens in June 2016, after going down in March 2016.
The preliminary estimates indicate that the unemployment rate (seasonally adjusted) went up from 1.9 percent in March 2016 to 2.1 percent in June.
Among residents, the change was from 2.7 percent to 3.0 percent and among citizens, this rate went from 2.6 percent to 3.1 percent.
In a climate of slow global economic growth, employment growth was slower in Singapore, during the second quarter of 2016
The second quarter of 2015 showed 9,700 added jobs. The first quarter of 2016 saw 13,000 new jobs. But in the second 2Q 2016 job growth was only 5,500.
The job growth breakdown was as follows:
- Services added 8,600 jobs in 2Q 2016, after 13,200 jobs were added in the first quarter.
- Manufacturing jobs went down again, with a loss of 3,400 jobs.
- Construction employment held steady, at an increase of 400 jobs.
At the end of 2Q 2016, the total number of jobs in Singapore was 3,674,700, up 1.3 percent over the past year. This rate was on par with the 1.4 percent growth recorded in March 2016. However, the 2016 rates are slower than the average growth of 2 percent in 2015.
Layoff numbers were higher compared to the first quarter 2016, and up from 12 months ago
Preliminary estimates reveal that the number of workers let go in the second quarter of 2016 (5,500) was above the number let go (4,710) in the first quarter of 2016. A year ago during the same quarter, 3,250 workers lost jobs.
Manufacturing job losses were down. Job losses went up in services. In construction the job numbers stayed steady.
The slowing of job growth and the rise in unemployment and worker layoffs in the second quarter 2016 come out of an overall quieter, slower world economy, economic restructuring, and a slowdown in the number of trained and available local workers.