Singapore braces for vacancy flood as job openings surge to 64,600 in Q2

There are now 136 posts per 100 seekers.

Companies are struggling to fill vacant posts amid the incredible tightness in Singapore’s job market, as the number of job vacancies across the island soared to new heights in the second quarter.

A report by Maybank Kim Eng notes that there were 136 vacancies per 100 job seekers in Q2, a higher number compared to 133 jobs per 100 seekers in Q1.

However, Maybank Kim Eng states that this is still below the record high of 143 positions per 100 seekers that was recorded in December 2013.

Meanwhile, Nomura notes that the seasonally adjusted number of job vacancies rose in Q2 to a record 64,600 from 62,500 in Q1.

“This is an indication of how tight the labour market is, brought about by the policy-induced tightening in foreign labour supply since the start of the restructuring. The pre-restructuring average of this ratio was 0.6 (2001-09) whereas the average since restructuring has risen to 1.2. The tightening in the labour market despite softer GDP growth is likely to continue, with additional foreign labour tightening having come into effect on 1 July. This is one of the key reasons why we expect core inflation to remain sticky, which is the focus of the central bank despite falling headline CPI inflation,” stated Nomura’s report.

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