Chart of the Day: Here's proof that vacancies outpaced job seekers in 2013

9.2k new jobs added in 4Q13.

According to CIMB, employment gains in 2013 were 134.9k, the most in six years. Some 39.2k new jobs were added in 4Q13, the strongest in a year (44.0k in 4Q12), led by a jump in service employment (+30.6k, the most in a year).

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The latter was supported by year-end festive demand. Locals took up 81.6k or 60.5% of the 134.9k jobs created last year (45.5% in 2012, 30.9% in 2011). Excluding construction and foreign domestic help (FDW), 94.5k jobs were created in 2o13, up from 86.7k in 2012, though lower than 2010’s 107.2k and 2011’s 95.6k.

Employment change for foreign workers (excluding construction and FDW) totalled 16.8k last year, the smallest since 2009 (+32.2k in 2012). Only 2K FDW jobs were created in the year (3.2k in 2012), the lowest in 11 years. At end-2013, 66.2% of the employees in Singapore were locals (excluding FDW) and 33.8%, foreigners.

Services continued to generate the most new jobs in 2013 (92.9k or 68.9%). This was higher than 2012’s 77.0k (59.6% of all new jobs). Manufacturing created fewer jobs (4.9k or 3.6% of all new jobs) last year vs. 2012’s 11.3k. Sustained by private and public building projects, job gains in construction were 35.4k (26.2% share), down from 2012’s 39.2k (2011: 22.0k).

As the supply of foreign workers continued to shrink, Singapore’s seasonally-adjusted unemployment rate stayed at 2012’s 1.8%, which was the lowest since 2007. This was pretty much what we and the market expected.

Within the resident labour force, unemployment climbed to 2.7% SA (2.6% in Sep 13), with an estimated 57.2k residents unemployed as at Dec (Sep 13: 56.0k). The Ministry of Manpower also said unemployment for citizens was unchanged qoq at 2.8% SA at year-end (2.9% in Dec 12).