Jobseekers outnumber vacant career posts in Q2

Unemployment spikes by 2.1%.

More jobseekers in the city-state has been feeling the pressure as they compete for limited job vacancies, leading to the worsening of Singapore’s unemployment rate

According to the latest data by the Ministry of Manpower (MOM), overall unemployment in Singapore worsened to 2.1% in June from its rate of 1.9% in March.

"Over the same period, the unemployment rate increased among residents (2.7% to 3.0%) and citizens (2.6% to 3.1%), after declining in the previous quarter due to a lower labour force participation rate among youths aged 15 to 24," the ministry stated in their report.

In June 2016, there was an estimated 68,400 residents including 60,100 Singapore citizens who are unemployed. This was higher than the previous quarter record of 60,400 residents and 50,800 citizens.

The figures from MOM also noted that degree holders had their unemployment rates rise to the highest level since 2009.

"By education, degree holders saw a larger increase in long-term unemployment rate from 0.8% to 1.1%, near to the high of 1.2% in June 2009," MOM said.

MOM also argued that ratio of job vacancies to unemployed persons declined further to 93 openings per 100 seekers in June 2016.

"The seasonally adjusted vacancies declined from 50,000 in March 2016 to 49,400 in June 2016, continuing the downtrend since March 2015," the report cited.

Job vacancies fell short of job seekers for the first time since June 2012.