Chart of the day: Check out how layoffs are quickly rising in Singapore

5,500 workers were laid off in 2Q.

Singaporeans are fast losing their jobs in the volatile state of the city-state’s labour market, highlighted by the job cuts in the services sector.

According to a report by OCBC, layoffs rose by 17% compared to last quarter and 70% compared to last year, amounting to a staggering 5,500 workers laid off.

“Looking ahead, a subdued growth environment post-Brexit, domestic economic restructuring and slowing local labour force growth will likely constrain job creation,” OCBC said.

However, OCBC said it does not expect the unemployment rate to deviate too far from the 2% handle for now as 2H GDP growth should be similar to the sluggish 1H and the foreign manpower restrictions are unlikely to be lifted in the near-term.