Newly created jobs inched up to a measly 5,500 in 2Q16

It’s the slowest pace of growth in 5 quarters.

Singapore adding only 5,500 jobs in the second quarter does not offer any help in the country’s humdrum economic figures as it is the slowest pace of growth in at least five quarters, according to BMI Research.

However, BMI Research still counted this as a reasonable rate of job creation for an economy at full employment and said that the labour market is still in good shape.

“Thanks to a remarkably steady labour market, Singapore’s economy will hold stability amid a lacklustre GDP outlook set at 1.7% in 2016. This is still despite the slight uptick in unemployment rate 1.9% in 1Q16 to 2.1% in 2Q16,” BMI added.

Going forward, BMI said it believes that Singapore's relatively liberal labour regulations, which keep the cost and paperwork associated with sourcing talent, hiring, and firing limited compared to most developed markets, will keep the labour market robust and dynamic.

“Singapore's lack of strict wage criteria promotes employers’ agility relative to shifting economic trends, thwarting structural inefficiencies,” it added.

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