Unemployment Rate in Singapore at 1.9% in Mar 2011

Unemployment rates in Singapore has dropped to 1.9% in quarter 1 of 2011. The residents unemployment rate is 2.7%, with an estimated 54,300 residents in Singapore unemployed in Mar 2011 (57,000 after adjusting for seasonality).

The MOM said that as:

the labour market tightened further, amid healthy economic growth in the first quarter of 2011. Fewer workers were laid off and unemployment improved to a three-year low. With strong manpower demand, the ratio of job openings to job seekers rose to pre-recessionary levels.”

Unemployment Singapore 2011 Quarter 1

 

Singapore unemployment % Mar 2009 Jun 2009 Sep 2009 Dec 2009 Mar 2010 Jun 2010 Sep 2010 Dec 2010 Mar 2011
Overall unemployment rate 3.2 3.2 3.3 2.3 2.2 2.2 2.1 2.2 1.9
Resident unemployment rate 4.7 4.5 4.9 3.3 3.3 3.1 3.1 3.1 2.7

 

The number of jobs created increased by 28,300 positions, and the bulk of these employment increases were from the services industry (26,500). The gains in the services industries include contributions from the community, social & personal services (9,000), professional services (4,400) and wholesale & retail trade (3,400). The construction industry created 1,500 jobs while manufacturing rose by 100.

Unemployment in Singapore

by aWee

There are 139 job openings for every 100 job seekers in March 2011, calculated based on the seasonally adjusted ratio of job vacancies to unemployed. This was close to the levels seen before the financial crisis, which saw a high of 140 job openings for 100 job seekers in Dec 2007.

Based on the numbers, the salary in Singapore are expected to continue rising. This is in line with expectations from the industry’s surveys, as many employers are expecting greater difficulty in hiring the right talents, compared to 2010.

MOM source.

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