The overall picture during Q2 2016 has been somewhat dim with overall increase of unemployment, slowing down of employment levels and increased layoffs by Singapore companies. However, the general unemployment rate is still at levels which would qualify “full employment” criteria in most western countries, factoring in normal fluctuations in employment patterns.
After employment growth in the first quarter of 2016, the second quarter has seen a decline. The seasonally adjusted unemployment rate in the second quarter stood at 2.1%, rising from 1.9% in the first quarter of this year. The rise is mainly attributed to subdued economic conditions around the world. Looking at specific sectors, the service sector accounted for most new jobs created with 8600 new jobs. On the other hand the manufacturing sector was the weakest one with 3,400 jobs less this quarter.
Total people in employment (residents and Singapore work pass holders) stood at 3,764,700 which was 1.3% more than a year ago.