Resilience in Asia-Pacific labour markets

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Many APAC economies have shown resilience despite the weak global economic environment, according to the 2013 Asia-Pacific Labour Market Update from the International Labour Organization (ILO).

• Employment in Malaysia spiked by 10%, or 1.3 million jobs, year-on-year and was spurred by strong domestic demand and a significant rise in the labour force.

• In Sri Lanka, employment increased by a robust 6.8% year-on-year, although nearly half of the expansion was concentrated in agriculture.

• In Macau (China) and Singapore, employment expanded by 5.8% and 4.1% respectively year-on-year, with both trends driven primarily by service and construction.

• In Hong Kong, New Zealand and the Republic of Korea, job growth also accelerated to around 2-3% year-on-year.

• Unemployment rates for the region remain comparatively low (around 5% or lower). Unemployment figures for the UK, published by the National Office of Statistics, are currently at a 5 year historical low at 6.9%.

 

The latest figures from SEEK, Australia’s leading employment marketplace, also indicate continued confidence in the labour market, with new job ads in Australia over the three months to April 2014 (February – April) rising by 2.8 %..  The data shows the growth in new job ads set at the end of 2013 has continued into 2014, perhaps reflecting some stability in the confidence of employers and jobseekers.

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