Unemployment rate in Singapore jumped to 2.1%

Despite increase in job creation.

According to the Ministry of Manpower, the tight labour market showed signs of easing in the second quarter of 2013, as layoffs rose amid business restructuring and consolidation.

Preliminary estimates show that the seasonally adjusted overall unemployment rate was 2.1% in June 2013, up from 1.9% in March 2013 and 1.8% in December 2012.

The resident unemployment rate similarly rose to 3.0% in June 2013 from 2.9% in March 2013 and 2.7% in December 2012, while the unemployment rate for citizens increased to 3.1% from 2.9% in the preceding two quarters.

The MOM noted that unemployment increased for the second consecutive quarter, though it was still low and employment creation remained high.

Employment creation in the second quarter of 2013 (32,500) increased from the previous quarter (28,900) and was slightly above the second quarter of 2012 (31,700). This brought total employment to 3,419,000 in June 2013, which was 4.0% higher than a year ago.

Layoffs rose in the second quarter of 2013, affecting an estimated 2,900 workers, up from 2,120 in the preceding quarter and 2,210 in the second quarter of 2012. Nonetheless, it remained below the recessionary highs of 6,000 to 12,800 per quarter.

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