Layoffs decline by 25% in 2Q14: MOM

Employment 3.6% higher than last year.

Unemployment in the city remains relatively low and the labour market tight as overall employment growth moderated in the last quarter.

MOM’s recent report on the labour market reveals that the employment growth of 22,000 moderated in 2Q14 compared to 1Q14’s 28, 300. This brought total employment to 3,544,200 in June 2014, which was 3.6% higher than a year ago but lower than 4% in March 2014.

Layoffs declined as some 2,300 workers were made redundant in 2Q14, lower than 3,110 made redundant in the preceding quarter and 3,080 in 2Q13.

View MOM’s report here.

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