Singapore Jobless Rate Falls Slightly in Q4

Singapore’s seasonally adjusted unemployment rate decreased marginally to 1.9 percent in the fourth quarter of 2014 from 2 percent in the previous period, according to preliminary estimates.
Ministry of Manpower l Rida Husna l 1/30/2015 3:15:06 PM
Supported by hirings for year-end festivities, employment growth was higher in the fourth quarter of 2014 (39,600) than in the previous quarter (33,400), but lower than in the fourth quarter last year (40,600). For the whole of 2014, total employment is estimated to have increased by 129,000, lower than the 136,200 in 2013 and similar to the 129,100 in 2012. Employment growth among locals rose, as foreign employment growth continued to moderate. In December 2014, locals made up 66.7 percent of persons employed in Singapore (excluding foreign domestic workers), with foreigners forming 33.3 percent. 

3,800 workers were laid off in the fourth quarter of 2014, slightly up from 3,500 in the preceding quarter and 3,660 in the fourth quarter of 2013. For the whole of 2014, 12,800 workers were laid off, higher than the 11,560 in 2013 amid on-going business restructuring. For the whole of 2014, redundancies rose to 12,800, up from 11,560 in 2013. The increase in layoffs stemmed from services and construction, which more than offset a decline in manufacturing.

There was a sustained increase in median income for Singaporeans over the last five years, even though growth moderated over the year in 2014. The median monthly income from work of full-time employed citizens (including employer Central Provident Fund (CPF) contributions) increased by 30 percent from USD2,748 in 2009 to USD 3,566 in 2014, or 5.3 percent p.a. After adjusting for inflation using the Consumer Price Index (CPI) for all items, the real median income grew by 11 percent or 2.1 percent p.a. over these five years.

For the whole of 2014, unemployment stayed low averaging at 2 percent, broadly unchanged from the previous year. On average, 61,200 residents including 53,900 Singapore citizens were unemployed in 2014. The corresponding figures in 2013 were 59,800 and 52,900.

Jobless rate for residents and citizens fell to 2.6 percent respectively from 2.8 percent and 2.9 percent. 

Singapore Jobless Rate Falls Slightly in Q4