Singapore jobless rate hits six-year low in Q2
According to Yahoo!Asia News:
SINGAPORE, July 31 (Reuters) – Singapore’s jobless rate fell to a six-year low in the second quarter and its workforce grew at the fastest pace since records began in 1980 in a further sign of a tight labour market that may push up wages and inflation.
Ministry of Manpower preliminary data on Tuesday showed the unemployment rate fell to a seasonally adjusted 2.4 percent in the second quarter from 2.9 percent in the first quarter, hitting its lowest level since the second quarter of 2001.
Employment rose by 61,900 in the three months to the end of June, the ministry said, compared with a rise of 49,400 in the first three months of the year, with more than half the new jobs created in the services industry.
Singapore’s trade-dependent economy grew at an annualised 12.8 percent in the second quarter, its fastest clip in two years, driven by a manufacturing upswing and a construction boom.
Banks and fund management firms are also expanding fast to seize a slice of the fast-growing Asian wealth, leading to a shortage of private bankers serving the wealthy and ultra-rich.
“The labour market is very tight for private banking in Singapore, Dubai and London,” Peter Flavel, global head of private banking for Standard Chartered , said.
Singapore’s government said last week that annual inflation had reached a one-year high in June. Two days later, the central bank said it would be vigilant about rising prices, citing a surge in the property market.
The manpower ministry said in a statement that employment grew in all sectors, with the services industry alone adding 33,600 workers, followed by 16,600 new jobs in manufacturing.
See more at Yahoo!Asia News
- This article are looking pretty positive in the job market at the moment…but there are some signs of danger hidden within…the annual inflation had reach a one-year high in June…and inflation to some are good in the prices of investment portfolio…to some is pretty bad.
The cost of living standards are very high hence with different people working in Singapore might have different earning capabilities with different education backgrounds. The Singapore Dream is to use all their investment on education to get a good grades and use the certificate to get a well paid job. Those elite get the best jobs…what about the average Joe that just cannot make the standard degree or their family simply cannot afford to send their kids to university or their grades cannot qualify for it.
These average kids are going to be competing with cheap foreign workers that do not mind lower pay since the exchange rates will make their family happy back in their own country. (No bad feelings as I got some nice friends from all over the world and they are not cheap workers hee)
Then comes lowest jobless rate, it’s great for ….now ^_^ Let’s hope the pay will increase more then the inflation!! 
