talent market updateSingapore Q2 2014
reSident unemployment rate 0.1% lower than Q1 2014
2.9% to
2.8%
810fewer redundancieS than in Q1 2014
3.6%more people employed in June 2014 than June 2013
citizen unemployment rate remained unchanged at
3.0%
unemployment Steady, fewer redundancieS / Overall and citizen
unemployment rates remained steady from Q1 to Q2 of 2014, while the
resident unemployment rate improved from 2.9% to 2.8%. Total employment
grew 22,000 roles, down from 28,300 in the first quarter. There were 3.54
million people employed in June, 3.6% more than recorded in the same
month last year.
2
Seasonally adjusted unemployment rates
remained low from April to June (Q2),
and total and citizen unemployment
rates were unchanged from Q1 at
2.0% and 3.0%, respectively.
The unemployment rate for residents
improved slightly in Q2 from 2.9% to
2.8%. This left 61,300 residents, including
54,800 Singapore citizens, unemployed
in June 2014, seasonally adjusted.
Total employment grew by 22,000 jobs,
representing a slower rate of growth than
in Q1 2014 (28,300) and Q1 2013 (33,700).
The services sector experienced the
highest gains in employment in Q2 2014,
with 20,100 people newly employed in
service roles. The manufacturing sector
lost 2,600 roles, in contrast with its
2,300-role growth in the same quarter
last year. Construction workforce growth
slowed to 4,300 new roles, down from
8,500 in the preceding quarter.
Singapore Quarterly employment change and unemployment rateS
Source: Ministry of Manpower, Singapore
0
20
40
60
80
Sep
201
3
Jun
2013
Dec
201
3
Mar
201
4
Jun
2014
Mar
201
3
Dec
201
2
Sep
201
2
Jun
2012
Mar
201
2
Dec
201
1
Sep
201
1
Jun
2011
Mar
201
1
Dec
201
0
Sep
201
0
Jun
2010
Emp
loym
ent
(000
s)
2.0
2.5
3.0
3.5
4.0
Unm
plo
ymen
t (%
)
Employment Resident unempoymentCitizen unempoyment
3
There were 3,544,200 people employed
in June 2014. This was 3.6% higher than in
the same quarter last year, but lower than
the 4.0% increase recorded in March 2014.
This quarter also saw fewer redundancies
than Q1 – employers reported 810
fewer redundancies between quarters,
and 780 fewer than reported in Q2
2013. This trend was consistent across
all sectors: the service sector saw 1,500
fewer redundancies, a decrease of 65%,
while manufacturing and construction
sectors observed 22% and 13%
fewer redundancies, respectively.
These figures portray a slightly stronger
employment market in Singapore.
However, the Ministry of Trade and
Industry’s announcement that GDP
growth slowed to 2.1% in Q2 means the
employment market may change subtly
in the remaining quarters of 2014.
redundancieS total employment changetotal unemployment rate
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
1.6%
1.5%
1.7%
1.8%
1.9%
2.0%
2.1%
2.2%
2.3%
2.4%
2.5%
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
0
10
20
30
40
50
60
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
1.6%
1.5%
1.7%
1.8%
1.9%
2.0%
2.1%
2.2%
2.3%
2.4%
2.5%
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
0
10
20
30
40
50
60
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
1.6%
1.5%
1.7%
1.8%
1.9%
2.0%
2.1%
2.2%
2.3%
2.4%
2.5%
Q2
2013
Q3
2013
Q4
2013
Q2
2014
Q1
2014
Q1
2013
0
10
20
30
40
50
60
Source: Ministry of Manpower, Singapore
4
Professional job opportunities across the Asia Pacific region have risen 5% year-on-year.
Highlights:• Job vacancies rose by 5% between Q2 2013 and Q2 2014• Job vacancies rose 7% from Q1 2014 to Q2 2014• Number of candidates actively seeking employment was down 4%
from Q1 2014 to Q2 2014
The Q2 2014 Asia Pacific Employment Monitor recorded a 7% increase in financial services jobs vacancies – up from 12660 vacancies in Q1 2014 to 13576 in Q2 2014. Yearly figures also indicate that hiring continues to move in a positive direction, with job opportunities up 5% in Q2 2014 compared to the same quarter in 2013, when there were 12883 roles registered. On the candidate side, the market has slipped slightly from 34487 job seekers in Q1 to 33033 job seekers in Q2.
The Financial Services recruitment market in the Asia Pacific region has shown definite signs of improvement in recent months, largely driven by a resurgence in front office banking recruitment, changes in compliance and regulatory demands and standards, organisational changes and restructuring as well as IT implementations and updates, particularly in Singapore, Hong Kong and Japan.
Source: Recruitment International Date: 21 July, 2014
Singapore will be a ‘super-aged’ society in just 15 years.
Singapore’s rosy economic outlook is at risk from the country’s greying population. A report by Moody’s Investors Service today revealed that economic growth could come to a standstill in the near future thanks to the country’s rapidly aging population.
Moody’s report, entitled “Population Aging Will Dampen Economic Growth over the Next Two Decades”, notes that the unprecedented pace of aging will impose a demographic tax that will sloweconomic growth over the next 20 years in both developed and emerging market economies, as working-age populations shrink and household savings rates decline.
Singapore is one of the countries that expects the speediest aging, as growth in working-age population will slow from a robust 48.1% in 2000-15 to a mere 3.8% in 2015-30.
The largest decline in growth is expected in China, Hong Kong, Korea, and Singapore. Overall, The Conference Board estimates indicate that aging will lead to aggregate annual growth for the 55 countries falling by 0.4 pp during 2014-19 and by 0.9 pp during 2020-25 from the 1990-2005 average growth rate of 2.9%.
Source: Singapore Business Review Date: 7 August, 2014
profeSSional Job opportunitieS acroSS aSia pacific region riSe 5% year-on-year
rapid aging Singapore could halt economic growth by 2030: moody’S employment
market wrap
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