According to the latest labor market data from the Central Statistical Office, the unemployment rate fell to 4.9 per cent in the second quarter of 2012 from 5.8 per cent in the second quarter of 2011. More recent data on retrenchment notices suggest that employment conditions may have subsequently deteriorated.
Retrenchment notices filed with the Ministry of Labor, Small and Micro-Enterprises increased almost 16 per cent in the first five months of 2013 when compared with the corresponding period in 2012. The central government continues to conduct expansionary fiscal policy aimed at stimulating domestic economic activity.