Unemployment in Singapore jumped to 2.1% in June

Retrenchments also alarmingly rose.

According to 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%.

Here's more from CIMB:

Unemployment among citizens increased to 3.1% SA from 2.9% SA in the preceding two quarters, despite foreign-worker tightening measures.

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 our 2013 unemployment forecast of 2% SA as the labour market will likely stay tight (2% SA in 2011 and 2012).

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