ASEAN KEY DESTINATIONS
Unemployment rate low, but employment growing at slower pace in Q1 2015: MOM
SINGAPORE: The Republic's unemployment rate remained low and trended down over the past four quarters as the labour market remained tight, announced the Ministry of Manpower (MOM) in a press release on Saturday (May 2).
The ministry said that there were fewer layoffs across major industries, and lower unemployment for citizens and residents in the first quarter of 2015. And while employment continued to grow, it was at a slower pace than the seasonal high at the end of last year.
These were the preliminary findings from the “Employment Situation, First Quarter 2015” report released by the Manpower Research and Statistics Department, MOM.
UNEMPLOYMENT RATE DIPS SLIGHTLY
Preliminary estimates from the Manpower Ministry showed that the overall seasonally adjusted unemployment rate dipped from 1.9 per cent in December 2014 to 1.8 per cent in March 2015.
Similarly, the unemployment rate fell over the quarter for residents from 2.7 per cent to 2.5 per cent, and for citizens from 2.7 per cent to 2.6 per cent, MOM said.
EMPLOYMENT UP 2.9 PER CENT
Employment in March 2015 grew by 2.9 per cent, bringing the total number of persons in employment to 3,624,200, said MOM. On a quarter-on-quarter basis, overall employment growth in the first quarter of 2015 moderated from the seasonally high increase in the fourth quarter of 2014, it added.
The ministry said: "While employment growth has slowed, the labour market remains tight and vacancies continue to outnumber jobseekers. This is also evident from the low and continued downward trend of the unemployment rate. This may be reflective of the anticipated slowing of the local labour supply going forward."
LAYOFFS DOWN IN Q1 2015
Layoffs declined in the first quarter of 2015, after rising in the preceding quarter, said MOM. About 3,500 workers were made redundant in Q1 2015, fewer than in the preceding quarter (3,910), but slightly higher than the first quarter of 2014 (3,110).
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