Job creation in Singapore rose to 32,500 in 2Q13

But unemployment rate alarmingly rose.

According to CIMB, despite restrictions on foreign labour supply, preliminary data show the creation of 32.5k net jobs in 2Q13, up from 1Q13’s 28.9k and the 31.7k in 2Q12.

Surprisingly, unemployment rose to a seasonally-adjusted 2.1% in Jun (1.9% in Mar 13, 1.8% in Dec 12), with retrenchments also rising. No change to 2013 unemployment
forecast of 2% SA as the labour market will likely stay tight (2% SA in 2011 and 2012).

Here's more from CIMB:

Preliminary data from the Ministry of Manpower show net employment gains of 32.5k in 2Q13, bringing total employment creation to 61.4k in 1H13 or +4.2% yoy.

Seasonally adjusted, unemployment was 2.1%, above consensus forecast of an unchanged 1.9%. Within the resident labour force, unemployment edged up to 3.0% SA from Mar’s 2.9% and Dec 12’s 2.7% and Jun 12’s 2.8% Unemployment among citizens increased to 3.1% SA from 2.9% SA in the preceding two quarters, despite foreign-worker tightening measures.

Defying a modest rebound in Singapore’s economy in 2Q13 when preliminary 2Q13 GDP expanded 3.7% yoy or 15.2% qoq SAAR (1Q13: +0.2% yoy or +1.8% qoq SAAR), layoffs rose to an estimated 2.9k, the most since 4Q12’s 3.35k (2.12k in 1Q13). Perhaps ongoing business restructuring and consolidation (especially in the manufacturing sector) were to blame.

In 1Q13, a net 1.2k manufacturing jobs had been lost while construction added 8.4k and services, 21.1k.

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