3
The Economy
Chart 9
The Unemployment and Underemployment Rates
Per cent
5
4
3
1
Seasonally adjusted unemployment rate
2
Underemployment rate
0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2012
2013
2014
2015
Q2 Q3 Q4
2016
The seasonally adjusted unemployment rate stayed low at 3.3-3.4 per cent during the year, signifying another year of full employment.
Both total employment and the labour force expanded modestly by 0.4 per cent (chart 10). Although data collected from the private sector pointed to slower employment growth in the earlier part of 2016, the easing trend stabilised somewhat towards the year end along with the relative improvements in inbound tourism and domestic demand. In particular, employment in the retail, and accommodation and food services sectors recorded narrower declines during the second half of 2016.
In 2016, the number of private-sector vacancies declined visibly by 9.1 per cent to 68,750. Nevertheless, some relative improvements were seen in the latter part of the year.
Analysed by economic sector, construction sites (covering manual workers only) recorded 7.4 per cent fewer vacancies, reflecting some previous vacancies had been filled. Apart from that, more noticeable decreases in the number of vacancies were observed in the sectors of manufacturing (down 14.2 per cent); import/export trade (down 13.1 per cent); food and beverage services (down 11.1 per cent); transportation, storage, postal and courier services (down 11 per cent); and retail (down 8.7 per cent). More apparent increases were seen in the wholesale sector (up 5.2 per cent). Alongside the dip in the number of vacancies was a further decrease in the ratio of job vacancies per 100 job-seekers from 58 in 2015 to 52 in 2016.
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