Singapore job seekers outnumbered job openings in June
Commuters at Raffles Place in Singapore. (Photo by Suhaimi Abdullah/Getty Images)
Job seekers outnumbered job openings in Singapore for the first time since June 2012 amid the slowing economic environment and continued restructuring.
There were 93 openings per 100 seekers in June, down from 103 in March, data released by the Ministry of Manpower on Thursday (15 September) show.
Vacancies declined to 49,400 in June from 50,000 on a seasonally adjusted basis in March, continuing the downtrend since March last year.
In the first half of the year, 9,510 workers were made redundant, the highest since 2009. Redundancies rose in services in the second quarter but fell in manufacturing and construction.
Most of the residents – comprising citizens and permanent residents - who were laid off in the second quarter were professionals, managers, executives & technicians (PMETs), or 68.7 per cent of the redundancies. By education level, degree holders made up 39.8 per cent of the redundancies.
Overall, the unemployment rate rose to 2.1 per cent in June from 1.9 per cent in March on a seasonally adjusted basis.
The number of Singapore citizens who were unemployed rose by 18 per cent to 60,100 in June from 50,800 in March, while the number for residents increased to 68,400 from 60,400 over the same period.
By education level, degree holders saw the unemployment rate rising to the highest level since 2009. The unemployment rate among residents who were degree holders was 4.3 per cent in June on a non-seasonally adjusted basis.
Total employment growth slowed significantly to 4,200 in the second quarter, from 13,000 in the first quarter and 9,700 in the second quarter of last year.
On the outlook for 2016, MOM said labour demand is expected to stay modest and redundancies to continue rising in sectors that are facing weak external demand and restructuring.
