Concerns lurk as unemployment rises to 2.1%

Survey shows employment outlook is dim for industries such as transport & storage, financial services, business services and manufacturing.

A brief by the Monetary Authority of Singapore said, “Reflecting the slower expansion in employment, the seasonally-adjusted overall unemployment rate edged up from 1.9% in March 2011 to 2.1% in June. Similarly, the resident unemployment rate rose from 2.7% to 3.0% over the same period. As a result, overall resident wage growth eased from 8.5% y-o-y in Q1 2011 to 6.0% in Q2.”

MAS noted:

Preliminary estimates showed that overall employment gains moderated to 22,800 in Q2 2011, from 28,300 in the preceding quarter. In particular, hiring in services eased by almost a third to 18,800 as most segments added fewer workers in Q2. In comparison, the manufacturing and construction sectors saw a slight pick-up in hiring. Manufacturing expanded employment by 1,300, led by the non-electronics industries while construction added 2,600 jobs due to the ramp-up in public sector projects.

Meanwhile, according to the latest Business Expectations Survey, the employment outlook has softened somewhat in industries such as transport & storage, financial services, business services and manufacturing. However, wholesale & retail trade, accommodation & food services and recreation, community & personnel services have reported stronger hiring expectations.

“Notwithstanding the divergence in employment prospects across the various sectors, overall employment is still expected to grow at a firm pace over the next few months,” said MAS.

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