Layoffs in Singapore jumped to a whopping 2,900

Highest since 4Q12's 3,350.

According to CIMB, defying a modest rebound in Singapore’s economy in 2Q13 when preliminary 2Q13 GDP expanded 3.7% yoy or 15.2% qoq SAAR (1Q13: +0.2% yoy or +1.8% qoq SAAR), layoffs rose to an estimated 2.9k, the most since 4Q12’s 3.35k (2.12k in 1Q13). 

Perhaps ongoing business restructuring and consolidation (especially in the manufacturing sector) were to blame. In 1Q13, a net 1.2k manufacturing jobs had been lost while construction added 8.4k and services, 21.1k.

Here's mroe from CIMB:

Despite restrictions on foreign labour supply, preliminary data show the creation of 32.5k net jobs in 2Q13, up from 1Q13’s 28.9k and the 31.7k in 2Q12.

Surprisingly, unemployment rose to a seasonally-adjusted 2.1% in Jun (1.9% in Mar 13, 1.8% in Dec 12), with retrenchments also rising. No change to our 2013 unemployment forecast of 2% SA as the labour market will likely stay tight (2% SA in 2011 and 2012).